South Korea Crypto Sector Faces AML Rule Pushback, Compliance Risk
South Korea’s cryptocurrency sector is sounding the alarm over proposed AML rule changes that could force virtual asset service providers (VASPs) to report all overseas-linked transfers valued at 10 million won or more as suspicious by default. Industry observers warn that such a...
➤ South Korea's crypto sector is pushing back against proposed AML rule changes that would mandate reporting of all overseas-linked transfers over 10 million won as suspicious. ➤ Industry bodies like DAXA warn these changes could drastically increase SAR filings, overwhelming compliance operations and potentially hindering legitimate activity. ➤ The proposed rules are part of a global trend towards tighter crypto regulation, but exchanges are also challenging existing sanctions in court, highlighting tensions between enforcement and practical compliance.
