South Korea is advancing two related efforts to tighten oversight of crypto-related cross-border activity. The Digital Asset Exchange Alliance (DAXA), which represents 27 registered virtual asset service providers, has objected to a Financial Services Commission anti-money laundering rule that would require suspicious transaction reports for virtual asset transfers of 10 million won, or about $6,800, or more. DAXA says the broader reporting framework could raise suspicious transaction reports from about 63,000 to more than 5.4 million. Separately, the National Assembly Judiciary Committee has passed an amendment to the Foreign Exchange Transactions Act that would expand foreign exchange oversight to virtual asset service providers, including crypto exchanges, and the bill could reach a final plenary vote as early as May 7. The latest details state that the decree proposal is expected to be reviewed and implemented in July after public consultation.