South Korea Crypto Industry Pushes Back on AML Rule
Cointelegraph
South Korean crypto exchanges are opposing proposed AML regulations that would require reporting most overseas asset transfers as suspicious.Summary
South Korea’s Digital Asset eXchange Alliance (DAXA), representing 27 virtual asset service providers, has criticized proposed AML amendments. These rules would mandate reporting all overseas transfers of 10 million won or more as suspicious transactions. The industry warns this could increase reporting volume by 85 times, causing significant operational challenges. Furthermore, exchanges are currently involved in legal battles against the Financial Intelligence Unit regarding past sanctions related to customer due diligence and transactions with unregistered foreign providers.
(Source：Cointelegraph)