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South Korea's Digital Asset AML Rule Triggers Automatic Reporting on 10M Won Transfers, Sparks Industry Concerns

GateNews
Regulation & Policy
According to a May 12 National Assembly seminar, South Korea's revised Special Finance Act amendment requires domestic cryptocurrency exchanges to automatically file suspicious transaction reports (STRs) with the Financial Intelligence Unit when users transfer digital assets exceeding 10 million won to overseas exchanges or private wallets. Industry experts and lawmakers expressed concerns that the mechanism could stifle market activity and user participation. Panelists noted the system may process over 5 million STRs annually—approximately 13,600 daily—straining regulatory capacity. Scholars highlighted the approach diverges from U.S. standards, which require reasonable suspicion rather than automatic reporting, and warned of potential market distortion and regulatory overreach.
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