South Korea has expanded its anti–cash laundering necessities by reducing the minimal quantity for the crypto Journey Rule.
Beforehand, transactions beneath 1 million gained (roughly $680) didn’t require full particulars of the sender and receiver.
On November 28, the Monetary Providers Fee introduced that exchanges should gather and share this data for all transfers, no matter quantity.
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Digital asset service suppliers in South Korea should observe harder background checks for main shareholders. People with previous convictions for crimes comparable to drug offenses or tax fraud will probably be ineligible to personal massive stakes in these firms.
The brand new plan incorporates a system to freeze accounts early in circumstances considered as significantly excessive threat. Regulatory authorities will be capable of briefly cease the motion of funds suspected of being linked to prison exercise, comparable to playing or narcotics, whereas investigations are underway.
That is designed to guard the general public with out creating extreme inconvenience. Proposed updates to the legislation are scheduled for completion and presentation to the Nationwide Meeting within the first half of 2026.
South Korean officers additionally look to deepen cooperation with international companions. The Monetary Intelligence Unit has plans to strengthen ties with counterparts in Southeast Asian nations.
On the subsequent Monetary Motion Process Drive assembly, South Korea will current methods to handle threats comparable to on-line scams and the usage of cryptocurrencies for terrorist financing.
Not too long ago, South Korea’s efforts to determine official guidelines for won-based stablecoins had been delayed. Why? Learn the complete story.
