South Korea's Financial Intelligence Service (FIU) has revised the Enforcement Order of the Specific Financial Information Act, removing the requirement for mandatory reporting of cryptocurrency transfers exceeding 10 million won. This change, effective August 20, allows exchanges to manage risk independently. Previously, domestic operators had to report such transfers to the FIU, regardless of risk level. The amendments also expand the Travel Rule to cover all transaction amounts, not just those over 1 million won. Enhanced customer verification for high-risk transactions is now only required when deemed necessary by the company. Additionally, small businesses receive a one-year grace period for reporting requirements related to a debt ratio not exceeding 200%, and the use of overseas cloud services is permitted for anti-money laundering systems.
South Korea Ends Mandatory Reporting for Crypto Transfers Over 10 Million Won
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