Korea Financial Commission Chairman: Strictly crack down on Money Laundering of Crypto Assets, expand travel rules supervision to below 1 million won.

According to a report by the Korean news agency, at the “19th Anti-Money Laundering Day” commemorative ceremony, South Korea's Financial Services Commission Chairman Lee Ik-yeon stated that the regulatory scope of the “travel rule,” known as the “real-name system for crypto assets,” will be expanded to transactions below 1 million won (approximately 680 USD). He emphasized that there will be a crackdown on money laundering activities conducted through virtual asset transactions and that virtual asset transactions with overseas exchanges that have high money laundering risks will be prohibited. In addition, a strict review mechanism will be established to comprehensively examine the criminal records, financial status, and social credit of major shareholders of virtual asset business operators.