South Korea has expanded its anti–cash laundering necessities by reducing the minimal quantity for the crypto Journey Rule.
Beforehand, transactions under 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 resembling drug offenses or tax fraud shall be ineligible to personal massive stakes in these firms.
The brand new plan encompasses a system to freeze accounts early in circumstances seen as notably excessive danger. Regulatory authorities will be capable to briefly cease the motion of funds suspected of being linked to legal exercise, resembling 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 world companions. The Monetary Intelligence Unit has plans to strengthen ties with counterparts in Southeast Asian nations.
On the subsequent Monetary Motion Activity Power assembly, South Korea will current methods to handle threats resembling on-line scams and the usage of cryptocurrencies for terrorist financing.
Lately, South Korea’s efforts to determine official guidelines for won-based stablecoins have been delayed. Why? Learn the complete story.
