South Korea's FIU to tighten rules on private wallet, overseas exchange transfers

South Korea's Financial Intelligence Unit (FIU), under the Financial Services Commission, has announced plans to tighten regulations on crypto deposits and withdrawals involving private wallets and overseas exchanges, Digital Asset reported. Under the proposed amendments, low-risk transfers will be permitted only if the sender and receiver are confirmed to be the same individual, while high-risk transactions will be restricted. Additionally, even low-risk transfers valued at 10 million won or more must be reported to the FIU as suspicious transactions.