South Korea Expands Crypto Travel Rule to All Transactions

South Korea's Financial Intelligence Unit (FIU) has broadened the scope of the crypto Travel Rule to encompass all virtual asset transactions, eliminating the previous threshold of 1 million won. According to NS3.AI, this move is part of a broader effort to enhance regulatory oversight in the cryptocurrency sector. The FIU is also implementing stricter entry requirements and anti-money laundering obligations for Virtual Asset Service Providers (VASPs). Additionally, recipient VASPs are now required to obtain and secure comprehensive transaction information. The FIU has also extended its scrutiny of major shareholders during the business registration process.