Overview
- The Cabinet approved the amendments on Aug. 11, removing the ₩1,000,000 threshold so registered domestic VASPs must attach sender and recipient identity data to every transfer between local platforms.
- The Financial Services Commission requires exchanges to apply risk-based controls for transfers to overseas venues and private wallets, allowing low-risk transfers while restricting or banning those tied to high-risk counterparties.
- Transactions of ₩10,000,000 or more that involve an overseas exchange or a self-hosted wallet must trigger enhanced internal monitoring and be reported to the Korea Financial Intelligence Unit regardless of risk grade.
- Google Play restrictions and FIU enforcement have already limited access to many foreign exchange apps, and the FIU has referred about 40 unregistered crypto services to law enforcement as part of stepped-up oversight.
- The rules take effect after multi-month transition windows that give exchanges time to build risk-classification systems and hire compliance staff, but industry warns the changes could push some trading to peer-to-peer or unofficial channels if checks become too burdensome.