$BTC $ETH 【South Korea will cancel mandatory reporting of virtual asset transfers over 10 million won, shifting responsibility to exchanges to manage risks themselves】

According to South Korea's SBS News, the Korea Financial Intelligence Unit (FIU) has revised the enforcement decree of the Act on Reporting and Using Certain Financial Transaction Information, removing the mandatory reporting obligation for virtual asset transfers over 10 million 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 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 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 small businesses a one-year grace period for reporting if their debt ratio does not exceed 200%; and allowing the use of overseas cloud services for anti-money laundering computer equipment located within the country. The revised draft, after review by the Legislative Office, will come into effect on August 20.