South Korea Expands Travel Rule to Include Smaller Transactions

According to Foresight News, South Korean financial authorities are planning to enhance anti-money laundering (AML) regulations for virtual assets by expanding the scope of the Travel Rule. Previously applicable only to transactions exceeding 1 million Korean won, the rule will now cover smaller transactions as well. The Financial Intelligence Unit (FIU) of South Korea held the first meeting of the task force for revising the Special Financial Information Act. The plan includes refining the regulatory framework for Virtual Asset Service Providers (VASPs) and developing AML measures for the institutionalization of stablecoins source: https://www.binance.com/en/square/post/34363195586386?utm_source=BinanceNewsRSS