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Crypto
Eyes on amended AML enforcement decree as industry fears burden from digital asset rules
South Korea\'s digital asset industry is watching proposed amendments to enforcement and supervisory rules under the Special Financial Information Act set to take effect in August. The draft strengthens screening requirements for reporting by digital asset service providers and expands anti-money laundering duties for transfers. It would extend the travel rule to transfers under 1 million won and require additional steps for receiving providers. It also sets reporting duties for certain overseas transfers and tightens customer verification and entry reviews.
Crypto
Solana unveils enterprise blockchain platform with Mastercard, Western Union among participants
Solana has unveiled an AI-based blockchain platform, with Mastercard, Western Union and Worldpay joining as early participants, The Block reported on March 24. The Solana Developer Platform supports development of on-chain products including real-world asset tokenisation and payment technology. Mastercard plans to use it to expand stablecoin operations and support stablecoin payments directly on the Solana network. The platform offers APIs for tokenisation, payments and trading, and includes infrastructure partners providing custody, compliance and on-ramping.
Finance
K Bank to support digital asset-based remittance and payment services between South Korea and UAE
K Bank plans to work with a UAE digital asset firm and a South Korean blockchain company to develop digital asset-based cross-border remittance and payment services between South Korea and the UAE. The partners will begin a proof of concept for stablecoin transfers between the won and the dirham. They will also cooperate on custody, conversion and settlement technologies and aim to create a compliance-focused model meeting South Korean and UAE rules.
