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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] South Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission is set to hold its first round of discussions with major digital asset exchanges over proposed revisions to the enforcement decree of the Act on Reporting and Use of Certain Financial Transaction Information.
According to government and industry sources on May 17, the FIU will meet this week at the Government Complex Seoul with CEOs of the country’s five largest cryptocurrency exchanges—Dunamu (Upbit), Bithumb, Coinone, Korbit, and Streami—as well as the Digital Asset Exchange Alliance (DAXA).
The meeting will focus on the proposed amendments to the enforcement decree and supervisory regulations governing the reporting of specified financial transaction information, with discussions aimed at narrowing differences between regulators and industry participants.
The FIU has signaled its intent to address industry concerns over potential overregulation while seeking a balanced and workable regulatory framework, raising expectations that both sides may reach a compromise on key issues.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
