South Korea to apply travel rule to sub-$700 crypto transfers from February

Most crypto transfer users in South Korea are likely to be affected when the travel rule is extended to virtual asset transfers worth less than 1 million won ($700) starting in February, News1 reported. According to a survey on virtual asset service providers released by South Korea’s Financial Intelligence Unit under the Financial Services Commission on Oct. 1, 63% of all users who made outbound virtual asset transfers in the first half used transfers worth under 1 million won.