TechFlow, November 28 — According to Yonhap News Agency, Lee Eui-geun, Chairman of the Financial Services Commission of South Korea, stated at the 19th Anti-Money Laundering Day Commemoration Ceremony held by the Korea Financial Intelligence Unit that the Travel Rule regulation, known as the "token real-name system," will be expanded to cover transactions below 1 million Korean won, intensifying crackdowns on money laundering through virtual asset transactions.
Currently, South Korean virtual asset exchanges are required under the Travel Rule to collect information such as the names and wallet addresses of senders and recipients for cryptocurrency deposit and withdrawal requests exceeding 1 million won. Lee emphasized that virtual asset transactions with overseas exchanges posing high money laundering risks will be prohibited, and individuals with prior criminal records related to drugs, tax evasion, or other crimes will not be allowed to become major shareholders in virtual asset businesses.
