[South Korea to Abolish Mandatory Reporting for Crypto Asset Transfers Over 10 Million KRW, Shifting Risk Management to Exchanges] According to South Korea's SBS News, the Financial Intelligence Unit (FIU) has revised the enforcement decree of the 'Specific Financial Information Act,' removing the mandatory reporting requirement for virtual asset transfers exceeding 10 million KRW and shifting risk management responsibilities to exchanges. The original proposal required domestic operators to report to the FIU for transfers exceeding 10 million KRW to overseas, regardless of the risk level. After considering industry feedback, the FIU decided to abolish the mandatory reporting and instead require companies to establish internal risk management systems. Other adjustments include: - Expanding the scope of the Travel Rule from transactions over 1 million KRW to all amounts. - Strengthened customer verification for high-risk suspicious transactions will change from mandatory to being executed only when companies assess the risk as particularly high. - A one-year grace period will be granted for small enterprises to meet the reporting condition of a debt ratio not exceeding 200%. - The requirement for anti-money laundering computer systems to be located domestically will now allow the use of overseas cloud services.