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South Korea will cancel the mandatory reporting of cryptocurrency transfers over 10 million won, instead leaving risk management to the exchanges themselves.

MarsBitNews
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Breaking News from Mars Finance: According to South Korean SBS News, the Korea Financial Intelligence Unit (FIU) has revised the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information, removing the mandatory reporting obligation for virtual asset transfers over 10 million Korean won, and instead allowing exchanges to manage risks independently. The original proposal required domestic operators to report to the FIU when transferring over 10 million Korean won abroad, regardless of risk level. After considering industry feedback, the FIU decided to eliminate the mandatory reporting and instead have each company establish an internal risk management system. Other adjustments include: expanding the scope of the Travel Rule from transactions over 1 million Korean won to all amounts; changing the enhanced customer verification for high-risk suspicious transactions from mandatory to only when the company judges the risk to be particularly high; granting a one-year grace period for small businesses to meet the reporting condition of a debt ratio not exceeding 200%; and allowing the use of overseas cloud services for anti-money laundering computer equipment located domestically. The revised decree, after review by the Legislative Office, will come into effect on August 20.
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