FIU Holds Private Meeting With Crypto Industry to Gather Views on AML Decree Revision

South Korea’s financial authorities held a private meeting with the virtual-asset industry to gather feedback on proposed revisions to the enforcement decree of the country’s anti-money laundering law, local media reported.

ZDNet Korea reported on May 19 that the Korea Financial Intelligence Unit, or FIU, under the Financial Services Commission, met with virtual-asset industry officials that morning to hear their views on the proposed amendments to the enforcement decree of the Act on Reporting and Use of Specific Financial Transaction Information. The meeting lasted about 90 minutes.

The FIU plans to incorporate industry feedback into the revised enforcement decree, which is scheduled to take effect on Aug. 20.

At the meeting, industry officials raised concerns over a requirement to report virtual-asset transfer transactions of more than 10 million won ($7,200) to the FIU. They also expressed concern about a plan to expand the scope of the travel rule from the current threshold of 1 million won ($720) or more to transactions below 1 million won.

The meeting was conducted without public disclosure of the schedule, venue or even whether it would be held. The FIU had originally planned to meet with the industry last week, but postponed the talks because of internal circumstances.