South Korea to Expand Travel Rule for Virtual Asset Transactions

South Korea's Financial Services Commission (FSC) is set to broaden the scope of the Travel Rule to include virtual asset transactions below the existing threshold of 1 million won ($680). According to NS3.AI, this move is part of efforts to bolster anti-money laundering measures and tackle cross-border crimes and digital asset money laundering more effectively. The FSC aims to enhance regulatory frameworks to address these challenges. In addition to strengthening anti-money laundering protocols, the FSC is focused on promoting AI transformation and digital innovation within the financial sector. This initiative involves improving data integration and developing regulatory measures to support technological advancements in finance.