South Korea Imposes Stringent Cryptocurrency Regulations

The Financial Services Commission (FSC) in South Korea has announced a comprehensive crackdown on cryptocurrency-related money laundering activities. The country is enacting new regulations, including the expansion of the ‘Travel Rule,’ which mandates identity verification for all cryptocurrency transactions over 680 USD. This rule will now apply to transactions below 1 million won. Authorities point out that this change aims to eliminate loopholes by scrutinizing smaller transactions that often facilitate money laundering. 2,357,940 is the threshold for these small payments.