Foreign Exchange ICT Administration Regulation Amendment
Overview
The Ministry of Finance promulgated an order partially amending the Regulation for Enforcement of the Act on Promotion of Administrative Procedures Using Information and Communications Technology Concerning Foreign Exchange Laws and Regulations, in connection with the planned availability of Form 3 Smart Reporting, which can be used to report foreign exchange transactions and other matters. The amending order will take effect on January 4, 2027.
Key points
- The Ministry of Finance promulgated an order partially amending the Regulation for Enforcement of the Act on Promotion of Administrative Procedures Using Information and Communications Technology Concerning Foreign Exchange Laws and Regulations.
- The amending order will take effect on January 4, 2027.
- Form 3 Smart Reporting, which will allow users to prepare and submit reports using smartphones and other devices, is scheduled to become available in January 2027.
Overview
This amendment was made in connection with reports using Attached Form 3 under Article 3, Paragraph 1 of the Ministerial Ordinance on Reporting Foreign Exchange Transactions and Other Matters. Form 3 Smart Reporting is scheduled to become available in January 2027 for eligible reports, and the necessary provisions were established to prescribe procedures and other matters concerning its use in the regulation.
Impact
When reporting foreign exchange transactions and other matters, users are scheduled to be able to use a service that enables them to prepare and submit reports using smartphones and other devices.
Details
The regulation subject to amendment is the Regulation for Enforcement of the Act on Promotion of Administrative Procedures Using Information and Communications Technology Concerning Foreign Exchange Laws and Regulations. The amendment established provisions related to Article 4 and Article 5, Paragraph 1, to prescribe procedures and other matters concerning the use of Form 3 Smart Reporting. The service can be used when submitting reports using Attached Form 3 under Article 3, Paragraph 1 of the Ministerial Ordinance on Reporting Foreign Exchange Transactions and Other Matters.