South Korea's Financial Intelligence Unit (FIU) plans to tighten cryptocurrency regulations by imposing reporting obligations on overseas crypto transactions exceeding 10 million won (approximately $7,200). The FIU also aims to enhance Know Your Customer (KYC) information verification and expand the application of the Travel Rule. A meeting is scheduled today, May 19, with CEOs from major South Korean crypto exchanges including Upbit, Bithumb, Coinone, Korbit, and GOPAX, along with DAXA. Industry experts in South Korea have expressed concerns that the requirement for comprehensive reporting on large transactions may constitute overregulation, potentially driving users and funds to foreign platforms. They suggest that regulators should focus more on identifying abnormal trading patterns rather than setting a single monetary threshold.