South Korea is taking proactive measures to combat money laundering in the cryptocurrency sector by expanding its regulations. As reported by PANews, Financial Services Commission Chairman Lee Eui-kyung announced on November 28th that the ‘travel rule’, also known as the cryptocurrency real-name system, will now apply to transactions below one million Korean won (approximately $680). This expansion was made during the 19th Anti-Money Laundering Day ceremony at the Financial Intelligence Unit. Chairman Lee emphasized a commitment to aggressively targeting money laundering activities involving virtual assets. Furthermore, South Korea will prohibit transactions with overseas exchanges posing a high risk of money laundering and will implement rigorous scrutiny of major shareholders’ criminal history, financial standing, and social credit score in the cryptocurrency industry.