South Korean FIU to meet crypto exchanges on new transaction rules

South Korea's Financial Intelligence Unit (FIU) will meet with virtual asset exchanges after May 11 to discuss proposed amendments to the Act on Reporting and Using Specified Financial Transaction Information, Edaily reported. The meeting aims to address industry concerns about excessive regulation and find a mutually acceptable solution. The legislative notice period for the amendments, which the FIU announced on March 30, is set to conclude on May 11. The proposed changes include a requirement for domestic operators to report all transactions over 10 million won with overseas operators and private wallets to the FIU as suspicious transactions.