In accordance with DL News, the South Korean government is forming a policy taskforce to tighten anti-money laundering (AML) measures in the crypto sector. The Financial Intelligence Unit (FIU) aims to require crypto exchanges to share sender and recipient information for all transactions, regardless of size, aligning with the Financial Action Task Force’s Travel Rule. The taskforce will draft a plan to improve the AML system by the first half of next year, focusing on virtual asset service providers, stablecoin regulations, and enhanced compliance checks.
South Korea to Require Receipts for All Crypto Transactions
DL NewsShare
Summary
South Korea is stepping up AML and CFT efforts in the crypto sector by forming a policy taskforce. The Financial Intelligence Unit plans to require exchanges to report sender and recipient details for all transactions, in line with FATF’s Travel Rule. The taskforce will draft a revised AML framework by mid-2025, targeting virtual asset providers, stablecoins, and compliance oversight.
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