Korea Financial Services Commission Chairman: Strictly crack down on Money Laundering of Crypto Assets, travel rule supervision scope expanded to below 1 million won.

PANews, November 28, reports that on the 28th local time, the Chairman of the Financial Services Commission of South Korea, Lee Ik-yeon, stated at the “19th Anti-Money Laundering Day” commemorative ceremony held at the Financial Intelligence Analysis Institute that the regulation scope of the “Travel Rule,” known as the “Crypto Assets Real Name System,” will be expanded to transactions below 1 million won (approximately 680 USD). He emphasized a strict crackdown on money laundering activities using virtual asset transactions and prohibited virtual asset transactions with overseas exchanges that have a high risk of money laundering. In addition, a rigorous review mechanism will be established to comprehensively examine the criminal records, financial status, and social credit of major shareholders of virtual asset businesses.