South Korea’s Financial Services Commission said that the Cabinet approved amendments eliminating the ₩1 million threshold for the crypto Travel Rule. Once effective, registered virtual-asset service providers must apply information-sharing requirements to all domestic VASP transfers, making transaction size irrelevant to whether sender and recipient data must accompany the transfer.
The revised framework also adds stronger anti-money-laundering controls for transfers involving overseas VASPs and personal wallets. Providers must vary permitted activity according to risk, while transactions of ₩10 million or more require internal suspicious-transaction monitoring, placing risk-based screening alongside universal Travel Rule coverage for domestic provider-to-provider transfers.
The Travel Rule and related transfer controls are scheduled to take effect six months after promulgation, while separate VASP-registration changes begin August 20. The FSC said the revisions aim to prevent transaction splitting below reporting thresholds and improve transparency, leaving implementation across exchanges, overseas platforms and personal wallets as the next compliance test.
Source: Financial Services Commission of South Korea.
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