South Korea to Expand Travel Rule Coverage to Crypto Transfers Below $680

South Korea's Financial Services Commission will extend its Travel Rule requirements to cryptocurrency transfers below 1 million won (approximately $680), FSC Chairman Lee Bok-hyun said at the 19th Anti-Money Laundering Day event on November 28. The expanded rule mandates domestic virtual asset service providers to collect sender and receiver names and wallet addresses for all transactions under the current threshold. The FSC will prohibit transactions with high-risk overseas exchanges and establish stricter vetting procedures for virtual asset operators and major shareholders, covering criminal records, financial standing, and social credibility.