South Korea tightens crypto regulations again: Crypto "travel rules" expanded to include transactions under 1 million won.

According to Odaily Planet Daily, Lee Eun-woon, Chairman of the Financial Services Commission of South Korea, stated at the "19th Anti-Money Laundering Day" event held by the Financial Intelligence Analysis Institute on the 28th that South Korea will further strengthen anti-money laundering regulations for cryptocurrencies.

He pointed out that the "travel rule," known as "cryptocurrency real-name registration," will be expanded to cover small transfers of less than 1 million won (approximately US$680) to close existing regulatory blind spots. Lee Eun-woon emphasized that regulators will crack down on money laundering using virtual assets and prohibit virtual asset transactions with overseas exchanges with high money laundering risks.

In addition, South Korea will establish a more stringent review system to conduct a comprehensive review of the criminal records, financial status, and social credit of virtual asset business operators and their major shareholders, in order to strengthen the industry's entry threshold.

(Yonhap News Agency)