South Korea has expanded its anti–cash laundering necessities by decreasing the minimal quantity for the crypto Journey Rule.
Beforehand, transactions beneath 1 million received (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 info for all transfers, no matter quantity.
Do you know?
Subscribe – We publish new crypto explainer movies each week!
How Can You Earn Cash With Axie Infinity? (AXS Animated Explainer)
Digital asset service suppliers in South Korea should observe more durable background checks for main shareholders. People with previous convictions for crimes akin to drug offenses or tax fraud will probably be ineligible to personal giant stakes in these corporations.
The brand new plan incorporates a system to freeze accounts early in circumstances seen as significantly excessive danger. Regulatory authorities will be capable of briefly cease the motion of funds suspected of being linked to prison exercise, akin 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 world companions. The Monetary Intelligence Unit has plans to strengthen ties with counterparts in Southeast Asian international locations.
On the subsequent Monetary Motion Job Drive assembly, South Korea will current methods to handle threats akin to on-line scams and the usage of cryptocurrencies for terrorist financing.
Lately, South Korea’s efforts to determine official guidelines for won-based stablecoins had been delayed. Why? Learn the total story.
