South Korea drops Travel Rule threshold for crypto transfers
South Korea will remove its 1 million won Travel Rule threshold and apply information-sharing requirements to all transfers between registered crypto service providers.
South Korea will expand its crypto Travel Rule to all transfers between registered virtual asset service providers (VASPs), removing the current 1 million won (about $700) threshold.
The country’s Cabinet approved amendments to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information on Tuesday.
Under the changes, the Travel Rule will apply to all transfers between registered crypto service providers regardless of value. Receiving platforms will also be required to obtain sender and recipient information and may request missing information or reject transactions when required data is unavailable.