South Korea's FIU meets with the five major exchanges to discuss new regulations for cryptocurrency transactions exceeding 10 million won
By: rootdata|2026/05/20 04:45:01
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According to Edaily, South Korea's FIU plans to tighten cryptocurrency regulation, proposing a reporting obligation for overseas cryptocurrency transactions exceeding 10 million won (approximately 7,200 USD), and strengthening KYC information verification and the applicability of the Travel Rule.
The FIU is expected to hold its first discussion today (May 19) with the CEOs of the five major South Korean cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, and GOPAX, as well as DAXA.
Some industry experts in South Korea have warned that implementing "full reporting" for large transactions may constitute excessive regulation and could lead to users and funds flowing to overseas platforms. They suggest that regulators should focus more on abnormal trading patterns rather than a single monetary threshold.
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