Summary
- The Financial Intelligence Unit, or FIU, plans to meet with virtual-asset exchanges to gather industry feedback directly on the proposed revision to the enforcement decree of the Special Financial Transactions Act.
- The proposal includes transactions above a certain threshold involving foreign operators and personal wallets as reportable items.
- The FIU is reviewing ways to operate the system under a lighter framework than the Suspicious Transaction Report (STR) regime to reduce the burden on the industry, and the market is watching for possible changes in how the regulation is applied and how stringent it is.
Forecast Trend Report by Period
South Korea’s Financial Intelligence Unit plans to meet with virtual-asset exchanges to gather industry feedback directly on proposed revisions to the enforcement decree of the Special Financial Transactions Act.
Edaily reported on May 4 that the FIU plans to hold meetings with major exchanges after the public comment period for the proposed amendment closes on May 11. The discussions are set to focus on industry views, with some parts of the proposal potentially subject to revision.
The amendment includes a requirement to report transactions above a certain threshold involving foreign operators and personal wallets.
The FIU is also reviewing ways to run the system under a lighter framework than the existing Suspicious Transaction Report, or STR, regime to ease the burden on the industry. Market participants are watching whether the meetings lead to adjustments in how the rules are applied and how stringent they are.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
