Chairman Lee Eok-won of South Korean Financial Services Commission: Strengthening cryptocurrency money laundering regulations including transactions below 1 million won

The Chairman revealed the ‘travel rule’ for cryptocurrency transactions will now cover amounts below 1 million won, enhancing the scope of current regulations.

A significant crackdown on money laundering through virtual asset transactions, particularly with high-risk overseas exchanges, will be enforced. A thorough review mechanism for business shareholders is also planned.