South Korea’s Monetary Providers Fee stated that the Cupboard permitted amendments eliminating the ₩1 million threshold for the crypto Travel Rule. As soon as efficient, registered virtual-asset service suppliers should apply information-sharing necessities to all home VASP transfers, making transaction measurement irrelevant to whether or not sender and recipient knowledge should accompany the switch.
The revised framework additionally provides stronger anti-money-laundering controls for transfers involving abroad VASPs and private wallets. Suppliers should range permitted exercise in accordance to danger, whereas transactions of ₩10 million or extra require inner suspicious-transaction monitoring, inserting risk-based screening alongside common Travel Rule protection for home provider-to-provider transfers.
The Travel Rule and associated switch controls are scheduled to take impact six months after promulgation, whereas separate VASP-registration modifications start August 20. The FSC stated the revisions goal to forestall transaction splitting beneath reporting thresholds and enhance transparency, leaving implementation throughout exchanges, abroad platforms and private wallets as the subsequent compliance check.
Supply: Financial Services Commission of South Korea.
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