South Korean crypto industry voices concerns over proposed rule changes

South Korean financial authorities held a private meeting with the virtual asset industry to discuss proposed amendments to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, ZDNet Korea reported. Industry representatives at the meeting reportedly voiced concerns and requested a review of several key proposals, including: - A new obligation to report crypto asset transfers of 10 million won (about $7,250) or more to the Financial Intelligence Unit (FIU). - An expansion of the Travel Rule to cover transactions under the current threshold of 1 million won (about $725).