The South Korean Financial Intelligence Agency adjusts the reporting requirements for cryptocurrency asset transfers

According to SBS News in South Korea, the Financial Intelligence Service of South Korea has revised the implementation order of the Specific Financial Information Act, canceling the mandatory reporting obligation for virtual asset transfers of more than 10 million Korean won and replacing it with exchanges managing risks on their own. The Travel Rule has been expanded to cover all amounts, and the strengthened certification for high-risk transactions has been changed to the company's own judgment and execution. Other adjustments include a one-year extension of the reporting conditions for small business debt ratios, and the use of overseas cloud services for anti money laundering equipment.