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South Korea has expanded its anti–cash laundering necessities by decreasing 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 gather and share this data for all transfersno 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 akin to drug offenses or tax fraud might be ineligible to personal massive stakes in these corporations.
The brand new plan contains a system to freeze accounts early in circumstances considered as significantly excessive danger. Regulatory authorities will have the ability to briefly cease the motion of funds suspected of being linked to felony exerciseakin 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 Process Pressure assembly, South Korea will current methods to deal with threats akin to on-line scams and the usage of cryptocurrencies for terrorist financing.
Lately, South Korea’s efforts to ascertain official guidelines for won-based stablecoins had been delayed. Why? Learn the total story.
