Maeil Business Newspaper reported that the virtual asset industry has strongly opposed the amendment to the enforcement decree of the 'Act on Reporting and Using Specified Financial Transaction Information (Special Act)' ahead of its implementation in August. Concerns are growing that excessive regulations, especially the mandatory suspicious transaction reporting (STR) without exception for transactions exceeding 10 million won, could paralyze the domestic market's functions. According to DAKSA's simulation results, if the regulations are implemented, the annual number of STRs at the five major Korean won trading exchanges is estimated to skyrocket by approximately 85 times, from the existing 63,408 cases to 5,445,133 cases. A DAKSA official warned, "The normal anti-money laundering (AML) monitoring system will virtually be paralyzed."
