Korean crypto firms ask regulators to reconsider new transfer rules

South Korea's cryptocurrency industry has asked financial authorities to reconsider a plan to expand the Travel Rule to cover transfers under 1 million won, The Herald Business reported. The rule currently requires sender information only for transfers of 1 million won or more. Industry representatives argue that extending this requirement to smaller amounts could lead to deposit screening delays due to the need for user information verification. They claim these delays could cause financial losses from price volatility and potentially infringe on property rights. South Korea's Financial Services Commission announced the proposed amendment to a financial transaction reporting law in March and is collecting industry opinions until May 11.