South Korea’s Financial Intelligence Unit (FIU), under the Financial Services Commission, held a closed-door meeting with virtual asset industry representatives on May 19 to gather feedback on proposed amendments to the enforcement decree of the Specific Financial Information Act, according to ZDNET Korea.

The roughly 90-minute consultation was not publicly announced, with the schedule and venue kept confidential. An FIU official said the agency had “fully collected opinions” from the crypto industry and plans to reflect relevant points in the enforcement decree set to take effect on August 20.

Industry participants reportedly raised concerns over proposed requirements, including mandatory FIU reporting for virtual asset transfers worth KRW 10 million or more, and a possible expansion of the Travel Rule to transactions below the current KRW 1 million threshold. They asked regulators to reconsider parts of the plan.