South Korea’s Cabinet approved rules on Aug. 11 that will remove the 1 million won minimum for crypto Travel Rule checks, extending information sharing requirements to every transfer between registered domestic virtual asset service providers.
Summary
- South Korea will apply its crypto Travel Rule to every transfer between registered domestic VASPs.
- Receiving exchanges must obtain sender and recipient information, requesting data or rejecting transfers when necessary.
- Transfers involving overseas exchanges and personal wallets will face risk based restrictions under the amendments.
- Transactions worth at least 10 million won involving foreign platforms or wallets require…
