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

South Korean Financial Services Commission Chairman Lee Eun-woon 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 the "cryptocurrency real-name system," will be expanded to cover small transfers of less than 1 million won (approximately US$680) to close existing regulatory blind spots. Lee emphasized that regulators will severely crack down on money laundering activities using virtual assets and prohibit virtual asset transactions with overseas exchanges with high money laundering risks. Furthermore, South Korea will establish a stricter review system to comprehensively examine the criminal records, financial status, and social credit of virtual asset business operators and their major shareholders to strengthen industry entry barriers. (Yonhap News Agency)