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Korea Financial Information Analysis Institute: Strengthen Supervision of Cross-Border Digital Asset Trading

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CoinWorld News reports that the Financial Intelligence Unit of South Korea (FIU) stated at the FATF plenary held in Paris from June 15 to 19 that, as money-laundering risks related to cross-border digital asset transactions expand, member countries need to apply the travel rule to both the remitting and receiving VASP and expand the scope of obligations to cover small transactions. The FIU also proposed strengthening customer due diligence against criminal organizations using overseas, unregistered VASPs, and considering limiting transactions involving high-risk unregistered VASPs, while also emphasizing the need for continuous monitoring of emerging risks such as stablecoins and DeFi and strengthening global cooperation. The FIU previously pushed for related regulatory measures in amendments to the enforcement decree of the Specific Financial Information Act, which is scheduled to take effect in August, including expanding the travel rule’s scope from transactions of more than 1 million won to those of less than 1 million won.
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GateUser-8e84d799
· 3h ago
The suggestion is quite comprehensive, but implementation is difficult. The longstanding issue of global regulatory fragmentation still hasn't been resolved.
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AprWhisperer
· 4h ago
Travel Rule lowered to below 1 million Korean won? Small transfers also require KYC, DeFi users trembling in fear
View OriginalReply0
StopRaisingGasFees.
· 4h ago
The FATF's crackdown is becoming more detailed; unregistered VASPs are becoming a key target, and compliance costs are expected to rise again.
View OriginalReply0

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