FIU to Hold Urgent May 13 Meeting Over Crypto Rules and STR Burden

Korea’s Financial Intelligence Unit (FIU) will meet the Digital Asset Exchange Alliance (DAXA) and virtual-asset exchange officials on May 13 to discuss controversy surrounding an enforcement decree under the Special Financial Information Act. The key issue is a plan to require suspicious transaction reports (STRs) for virtual-asset transactions of 10 million won or more. The industry says the rule could increase reports by as much as 85 times, making normal operations difficult. Attention is on whether the urgent meeting will produce a solution on reporting standards and operational burdens. Source: mk.co.kr