South Korea Ends Compulsory Reporting of Crypto Transfers Above 10M Won
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South Korea has backed away from mandatory automatic reporting of crypto transfers above 10 million won (~$7,300), a proposal that would have increased annual suspicious transaction reports by about 85 times to the FIU. Regulators will still expand the travel rule to require identity information for all transfers, but exchanges can perform AML assessments rather than blanket threshold-based filings, easing compliance burdens and likely supporting crypto exchange activity and adoption.
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- South Korea is moving away from mandatory reporting of crypto transfers above 10M won.
- The proposed rule could have increased annual suspicious transaction reports by 85 times.
- Authorities will still expand the travel rule, requiring identity information for all transfers.
South Korean financial authorities have backed away from a controversial proposal that would have forced crypto exchanges to automatically report transfers above 10 million won ($7,300) involving overseas crypto platforms or personal wallets.
Under the original proposal, any transfer above the threshold would have been treated as a suspicious transaction and reported to the Financial Intelligence Unit (FIU), regardless of whether the exchange identified actual signs of wrongdoing.
Following consultations with the industry, regulators have now decided to let exchanges assess anti-money launderi…
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