Korean crypto industry asks regulators to reconsider expanded Travel Rule

South Korea's crypto industry has asked financial authorities to reconsider a plan to expand the country's Travel Rule to cover all transactions, including those under one million won (about $740). Currently, the rule, which requires sender information to be verified, applies only to transfers of one million won or more. According to The Herald Business, 27 domestic Virtual Asset Service Providers (VASPs) submitted a joint opinion on the matter through the Digital Asset eXchange Alliance (DAXA) on April 29. The proposed amendments would require customer verification from both sending and receiving operators for any deposit or withdrawal request. The new rules would also mandate that operators must reject any transaction if they fail to receive the required customer verification information.