South Korea's Crypto Industry Faces New Reporting Requirements

South Korea's cryptocurrency sector is bracing for significant changes as a revised decree set for August may mandate Suspicious Transaction Reports (STR) for every transaction exceeding 10 million won. According to NS3.AI, this adjustment could drastically increase the number of STR filings at the country's five major won-denominated exchanges, with projections indicating a rise from 63,408 to 5,445,133 annually. A representative from the Digital Asset eXchange Alliance (DAXA) expressed concerns that the increased filing burden could overwhelm existing Anti-Money Laundering monitoring systems, potentially disrupting normal operations.