South Korea to expand crypto Travel Rule to transactions under 1M won

South Korea's Financial Services Commission (FSC) plans to expand its cryptocurrency Travel Rule to cover transactions under one million won ($740), Chairman Lee Eok-won announced on Nov. 28, according to Yonhap News. Speaking at the 19th Anti-Money Laundering Day ceremony hosted by the Financial Intelligence Unit (FIU), Lee stated that the government will strictly crack down on money laundering activities that exploit digital assets. He added that the FSC will block transactions with high-risk offshore exchanges and establish a system to more rigorously vet the criminal records, financial health, and social credit of major shareholders in virtual asset service providers.