Overview
- DAXA, the industry group for 27 licensed platforms, filed formal objections during a public comment window that runs until May 11.
- The draft would require a suspicious transaction report for any overseas crypto transfer at or above 10 million won, which is about $6,800, regardless of risk signals.
- The group estimates annual reports at the five biggest exchanges would jump from about 63,000 to more than 5.4 million, an increase it says would overwhelm compliance teams.
- DAXA also objects to a proposed duty to verify customer details beyond standard know-your-customer checks, arguing the measure lacks clear backing in primary law.
- Courts recently gave Upbit relief on April 9 and paused penalties for Bithumb on April 30 and Coinone, and regulators still plan to finalize the decree in July after their review.