According to a report by ZDNet Korea, South Korea’s Financial Intelligence Unit (FIU) has temporarily decided not to proceed with the provision in the amendment to the “Specific Financial Information Act” that requires submitting a suspicious transaction report (STR) when transferring virtual assets of 10 million won (approximately $7,300) or more to overseas or personal wallets. Previously, the Korea Digital Asset Exchange Association (DAXA) had said that this mandatory requirement could result in excessive compliance burdens and trading delays. However, the FIU will still expand the scope of the Travel Rule as planned, extending the current transactions over 1 million won to transactions below 1 million won (approximately $730).