South Korea Broadens Crypto Oversight, Removes 1 Million Won Threshold for Travel Rule
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South Korea's State Council approved tighter crypto AML and market-entry rules, expanding the Travel Rule to all transfers to curb evasion via transaction splitting. Added VASP shareholder scrutiny, leverage constraints (max 200% debt-to-equity), and risk-based controls on flows to overseas CEXs and personal wallets, including potential prohibitions for high-risk activity. The package raises compliance costs and may reduce on/off-ramp flexibility ahead of implementation in six months.
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South Korea's State Council on Aug. 11 approved revisions to the enforcement decree under the Specific Financial Information Act, extending the crypto-asset "Travel Rule" to cover all transfers. The change eliminates the current 1 million won threshold and is aimed at preventing users from splitting transactions to sidestep reporting requirements.
The amendments also raise the bar for entry and continued operation for virtual asset service providers (VASPs). Authorities will widen reviews of major shareholders and add new financial standards, including a cap on the debt-to-equity ratio at 200%.
Cross-border transfers involving overseas centralized exchanges (CEXs) and personal wallets will be managed under a risk-based framework. High-risk transactions may be restricted or barred.
Key provisions, including the expanded Travel Rule, are set to take effect six months after the measures are published.
