South Korea Expands Cryptocurrency Regulations to Combat Money Laundering

According to PANews, South Korea's Financial Services Commission Chairman, Lee Eui-kyung, announced on November 28 that the country will extend its 'travel rule' regulations, commonly known as the cryptocurrency real-name system, to cover transactions below 1 million Korean won (approximately $680). This announcement was made during the 19th Anti-Money Laundering Day ceremony at the Financial Intelligence Unit. Lee emphasized a stringent crackdown on money laundering activities conducted through virtual asset transactions. He also stated that South Korea will prohibit virtual asset transactions with overseas exchanges that pose a high risk of money laundering source: https://www.binance.com/en/square/post/32984173729730?utm_source=BinanceNewsRSS