PANews May 4 news, according to Cointelegraph reports, the Korea Digital Asset Exchange Alliance (DAXA) representing 27 registered Virtual Asset Service Providers (VASP) has submitted objections to the Financial Services Commission (FSC) proposed amendment to the anti-money laundering new regulations.

The new regulation intends to require that domestic VASP submit Suspicious Transaction Reports (STR) when transferring virtual assets with foreign VASP when the amount reaches 10 million Korean won (approximately 6,800 USD) or above. DAXA pointed out that this requirement will lead to a significant increase in compliance pressure, for instance, the volume of suspicious transaction reports from the five major cryptocurrency trading platforms will surge, making actual compliance difficult, while also opposing the new regulation's requirement to "verify customer information," considering it an additional obligation.

Moreover, current Korean cryptocurrency exchanges are in a court confrontation with regulators regarding related sanctions, with major exchanges like Upbit seeking to resume normal operations through legal means. Currently, public consultation on the new regulations is still ongoing, with the final version expected to be reviewed and implemented by July. This industry opposition also highlights the contradiction in Korean cryptocurrency regulation between "strengthening compliance" and "reducing industry burden."

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