Maeil Business Newspaper reported that the virtual asset industry has come out in opposition to the revised enforcement decree of the 'Act on Reporting and Using Specified Financial Transaction Information (Special Financial Information Act)' which is scheduled to take effect in August. In particular, concerns are spreading that excessive regulations, such as mandatory suspicious transaction reporting (STR) without exception for transactions over 10 million won, could paralyze the domestic market functions. According to DAKSA's simulation results, if the regulations are implemented, the annual number of STRs at the five major won-denominated exchanges is estimated to surge 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."
