The South Korean crypto industry, represented by the Digital Asset Exchange Alliance (DAXA), is opposing new anti-money laundering (AML) rules proposed by the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU). The amendments would require Virtual Asset Service Providers (VASPs) to file Suspicious Transaction Reports (STRs) for cross-border transfers exceeding 10 million KRW (approximately $6,800). DAXA argues this would increase the reporting burden on major exchanges like Upbit and Bithumb by 85 times, from 63,000 to over 5.4 million reports annually. The industry also contests the requirement to verify customer information, claiming it imposes undue obligations not specified in the law. This opposition comes amid ongoing legal disputes, with recent court rulings temporarily suspending business restrictions on exchanges like Upbit and Bithumb. The public comment period for the proposed rules ends on May 11, with final decisions expected in July, underscoring the tension between regulatory efforts and industry compliance concerns.