South Korea to scrap reporting rule for crypto transfers over $7.2K

South Korea's Financial Intelligence Unit (FIU) has tentatively decided to scrap a proposed rule that would have required reporting for virtual asset transfers of 10 million won (about $7,200) or more, ZDNet Korea reported. The rule was part of a planned amendment to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information. In March, financial authorities had proposed the amendment, which would have obligated domestic Virtual Asset Service Providers (VASPs) to file a Suspicious Transaction Report (STR) for transfers exceeding the threshold to overseas VASPs or personal wallets.