Chairman of the Financial Services Commission of Korea: Strict crackdown on cryptocurrency money laundering, travel rule supervision expanded to amounts below 1 million won

According to Yonhap News Agency, Financial Services Commission Chairman Lee Bok-hyun stated at the "19th Anti-Money Laundering Day" ceremony held by the Financial Intelligence Analysis Institute that the regulatory scope of the "travel rule," known as the "real-name system for cryptocurrency," will be expanded to transactions below 1 million won (approximately 680 USD).

He emphasized that there will be a strict crackdown on money laundering activities conducted through virtual asset transactions, prohibiting virtual asset transactions with overseas exchanges that have a high risk of money laundering. In addition, a rigorous review mechanism will be established to comprehensively examine the criminal records, financial status, and social credit of major shareholders of virtual asset businesses.