Chairman of South Korea's Financial Services Commission: The "travel rule" will be expanded to include transactions under 1 million won, with a crackdown on money laundering through virtual assets.

On November 28, according to Yonhap News Agency, Lee Eun-kwon, Chairman of the Financial Services Commission of South Korea, stated at the 19th Anti-Money Laundering Day commemoration ceremony of the Financial Intelligence Analysis Institute that the travel regulations known as "token real-name registration" will be expanded to include transactions under 1 million won, severely cracking down on money laundering activities using virtual asset transactions.

Currently, according to travel regulations, virtual asset transactions in South Korea require the collection of information such as the names and wallet addresses of the sender and recipient for virtual currency deposits and withdrawals exceeding 1 million won. Lee Eun-kwon emphasized that virtual asset transactions with overseas exchanges with high money laundering risks will be prohibited, and individuals with prior convictions for drug offenses, tax evasion, or other crimes will be barred from becoming major shareholders of virtual asset business operators.