South Korea's Financial Intelligence Analysis Institute (FIU) said the revised enforcement decree of the Specific Financial Information Act has been approved by the State Council, according to local media Edaily. The new rules tighten oversight of the country's crypto exchanges. Regulators will scrutinize the qualifications of major shareholders more closely, and exchanges will be required to keep their debt ratio at or below 200 percent. The Travel Rule threshold will disappear. Previously, the rule applied only to transactions of at least 1 million won. Going forward, it will cover all transfers without any minimum amount. Transactions involving overseas exchanges and personal wallets will be managed under different control measures based on risk levels. Exchanges will also need to secure professional staff and necessary equipment, and to build internal control systems. Existing exchanges get a one-year grace period to meet the new requirements. Some provisions take effect from August 20, while the Travel Rule-related parts will be formally implemented six months later.
South Korea's Financial Intelligence Analysis Institute (FIU) said the revised enforcement decree of the Specific Financial Information Act has been passed at the State Council, according to Korean media Edaily. The changes add another layer of oversight to the local crypto industry: regulators will review the qualifications of major exchange shareholders more strictly, and exchanges must keep their debt ratio no higher than 200 percent.
The existing Travel Rule threshold is being removed. Previously, the rule applied only to transactions of 1 million won or more. After the change, every transfer will be covered, with no minimum amount. Transactions linked to overseas exchanges and personal wallets will face differentiated controls based on risk levels.
Exchanges are also required to hire professional staff, secure necessary equipment, and build internal control systems. Existing exchanges will receive a one-year grace period. Some provisions take effect on August 20, while the Travel Rule-related requirements will be formally implemented six months later.
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