South Korea has expanded its anti–cash laundering necessities by decreasing 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 Companies Fee introduced that exchanges should acquire and share this info for all transfers, no matter quantity.
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Digital asset service suppliers in South Korea should comply with harder background checks for main shareholders. People with previous convictions for crimes comparable to drug offenses or tax fraud will likely be ineligible to personal giant stakes in these corporations.
The brand new plan contains a system to freeze accounts early in instances seen as significantly excessive danger. Regulatory authorities will have the ability to 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 regulation 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 Job Drive assembly, South Korea will current methods to handle threats comparable to on-line scams and using cryptocurrencies for terrorist financing.
Just lately, South Korea’s efforts to determine official guidelines for won-based stablecoins had been delayed. Why? Learn the complete story.
