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The South Korean cryptocurrency industry collectively opposes the new anti-money laundering regulations, planning to require all overseas transfers of over 10 million won to be reported as suspicious transactions

According to Cointelegraph, the South Korean crypto industry group DAXA (Digital Asset Exchange Alliance), representing 27 registered virtual asset service providers (VASP), has submitted objections to the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) regarding the proposed amendments to the implementation order of the Specific Financial Information Act.The new regulations aim to require domestic VASPs to report any virtual asset transfers with foreign VASPs as suspicious transaction reports (STR) if the amount reaches 10 million won (approximately $6,800), regardless of the risk level. DAXA warned that this would cause the annual reporting volume of South Korea's five major trading platforms (Upbit, Bithumb, Coinone, Korbit, Gopax) to surge from about 63,000 last year to over 5.4 million, making compliance practically impossible.The industry also opposes the proposed requirement to verify the accuracy of customer information, arguing that the subordinate rules impose obligations not clearly defined by law. This industry backlash comes as exchanges face sanctions from financial regulators in court. On April 9, the court ruled to lift part of the business suspension against Upbit operator Dunamu, but the regulators have appealed. On April 30, the court suspended the six-month partial business suspension against Bithumb. Coinone also received a temporary stay of execution.The public consultation period for the new regulations ends on May 11, and it is expected to be finalized in July after regulatory and legal reviews. This highlights the tension between South Korea's tightening of crypto anti-money laundering regulations and the industry's concerns about excessive compliance burdens.

Bitget integrates with Market Prophit: launches AI social copy trading feature, supports reverse copy trading strategies

Bitget announced a strategic partnership with the crypto data intelligence platform Market Prophit to jointly launch an AI-driven social trading tool. This feature is based on Market Prophit's AI engine, which performs real-time scans of vast data on platform X and combines it with the historical market prediction performance of relevant accounts to provide a comprehensive score, helping users more efficiently identify high-quality trading signals and execute strategies directly on the platform.The tool supports a two-way trading mechanism, allowing users to automatically follow high-quality social trading accounts or to take reverse positions on accounts with significant long-term prediction deviations. By transforming unstructured social media sentiment into systematic, executable trading strategies, it further enhances the complete decision-making chain from information capture and signal filtering to one-click trading.Igor Gonta, CEO of Market Prophit, stated that price fluctuations in the crypto market are often highly correlated with social media sentiment. This collaboration aims to convert complex and dispersed market sentiment into quantifiable, tradable standardized indicators, providing users with more systematic trading references to help them capture a wider range of strategic opportunities in a volatile market.

Gate launches the thirteenth round of the flash exchange lucky draw, trade $1 to enter the draw and unlock PIEVERSE and a $200 cash reward

According to the official announcement, Gate will launch the 13th phase of the Flash Exchange Lucky Draw event from April 20 at 18:00 to April 27 at 00:00 (UTC+8). During the event, users can initiate flash exchange transactions with a minimum of only $1, enjoy a zero-fee fast experience, and participate in the lottery to unlock PIEVERSE and lucky bag rewards. The prize pool is updated daily at 08:00 (UTC+8), and the number of rewards is limited, available on a first-come, first-served basis.During the event, new users who complete their first flash exchange transaction of no less than $1 will receive 1 lottery chance; users who complete a flash exchange transaction volume of $100 daily will receive 1 lottery chance, and additional lottery chances can be unlocked when the transaction volume reaches $500, $1,000, $5,000, and for every additional $10,000; for each new user invited who completes identity verification and their first flash exchange transaction of no less than $1, 1 lottery chance can be obtained, with a maximum of 10 chances per individual.In addition, users whose flash exchange transaction volume reaches 80,000 USDT can also participate in the cash reward activity, with a maximum reward of 200 USDT available, and a total prize pool of 20,000 USDT, distributed based on transaction volume ranking, available on a first-come, first-served basis.It is reported that Gate Flash Exchange currently supports over 2,400 types of cryptocurrency assets, providing zero fees, fast transactions,

The Financial Supervisory Service of South Korea, the Customs Service, and credit card companies join forces to combat cryptocurrency exchange and illegal overseas withdrawals

According to New Daily, the Financial Supervisory Service (FSS) of South Korea, the Customs Service, the Credit Finance Association, and nine credit card companies in the country signed the "Public-Private Cooperation Agreement to Block Transnational Criminal Funding" on the same day. The plan aims to cut off the funding chain for telephone fraud and virtual asset crimes at the source by analyzing overseas credit card usage details and entry and exit records.In the past, due to information gaps between agencies, the Customs Service had entry and exit data but could not monitor abnormal overseas consumption in real-time, while credit card companies had payment data but did not have access to cardholders' customs clearance dynamics. Under the new mechanism, the Customs Service will provide credit card companies with information on high-risk transaction trends, while the Financial Supervisory Service will establish guidelines authorizing credit card companies to take effective measures such as interrupting transactions when abnormalities are detected.Lee Chan-jin, the head of the Financial Supervisory Service of South Korea, stated that this move signifies that South Korea has established a normalized monitoring system to block the outflow of criminal proceeds at the source. The system will focus on precisely targeting currency exchange behaviors that involve cash withdrawals at overseas ATMs using overseas credit cards and laundering through cryptocurrencies.
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