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South Korea’s FIU is planning to revise its virtual asset transfer regulatory scheme, and STR may be required not to proceed further.

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Golden Finance reports that on May 30, according to ZDNet Korea, the Korea Financial Intelligence Unit (FIU) is temporarily not pushing forward with the amendment to the "Specific Financial Information Act" that requires submitting suspicious transaction reports (STR) for transferring virtual assets over 10 million Korean won (approximately $7,300) to overseas or personal wallets. Previously, the Korea Digital Asset Exchange Association (DAXA) had feedback that this mandatory requirement could lead to excessive compliance burdens and trading delays. However, the FIU will still expand the scope of the Travel Rule as planned, extending the current threshold of transactions over 1 million Korean won to include transactions below 1 million Korean won (approximately $730).
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