The South Korean Financial Intelligence Analysis Institute strengthens exchange supervision through amendments to the Specific Financial Information Act

According to Edaily, the Financial Intelligence Analysis Unit (FIU) of South Korea has passed a revised implementation order of the Specific Financial Information Act. The new regulations require strict review of the qualifications of major shareholders of the exchange, limit the exchange's debt ratio to no more than 200%, and cancel the Travel Rule amount threshold, covering all transfers. Differentiated control measures will be implemented for overseas exchanges and personal wallet transactions, and exchanges must be equipped with professional personnel, equipment, and establish internal control systems. Partial terms will take effect on August 20th, and the Travel Rule will be implemented six months later. Existing exchanges will be granted a one-year grace period.