Original sourceOlivia StephanieAdditional: tftc.io
Summary
South Korea's cabinet approved amendments to the enforcement decree of the Financial Transaction Reports Act on August 11, abolishing the 1 million won travel rule threshold. From now on, every transfer between domestic registered virtual asset service providers (VASPs) must include sender and reci…
Key points
- Korea's regulatory tightening has profound impact on exchanges and users, especially adding friction to self-custody wallet transfers.
- Korea becomes one of the most stringent travel rule jurisdictions globally, affecting cross-border crypto transactions and self-custody usage.
- Korean users transferring to personal wallets may face stricter identity verification, increasing compliance costs for exchanges.
Editorial note
This page is Code & Chain's editorial summary of public sources. It may be prepared with AI assistance and published through an automated workflow. Refer to the original sources; this content is not investment, legal, or tax advice.