Regulators’ plan to remove the 1 million won threshold sparks concern over prolonged transaction times
Tightened rules may shift financial risks to users due to verification requirements for senders and receivers
Industry warns of potential disputes and losses due to unclear responsibility in cross-border transactions
South Korea is moving to tighten rules on crypto transfers, and the industry is reacting with concern. Regulators plan to apply the Travel Rule to all transactions, removing the current 1 million won threshold. This means both sender and receiver will need full verification before any transfer goes through. As a result, companies warn that transactions could take longer and users may face losses if prices move during…
