This round of adjustments in South Korea is interesting; the 10 million won threshold for mandatory reporting has been removed, giving exchanges more autonomy, but the Travel Rule is fully enforced, so compliance costs haven't really decreased much. It'll be interesting to see how each platform ramps up their risk control efforts.

Crypto World News reports that, according to an SBS news report, the Korea Financial Intelligence Unit has revised the amendment to the Enforcement Decree of the Act on Reporting and Using Specific Financial Transaction Information, canceling the mandatory reporting obligation for virtual asset transfers over 10 million Korean won and instead having exchanges manage risk on their own. At the same time, the scope of the travel rule has been expanded to cover all amounts, and the company will decide whether to carry out enhanced authentication for high-risk transactions. In addition, other adjustments include a one-year grace period for the conditions for reporting small business debt-to-liability ratios, and anti-money-laundering equipment may use overseas cloud services.