South Korean Financial Services Commission Chairman: Crackdown on cryptocurrency money laundering; travel regulations expanded to include amounts under 1 million won.

According to Yonhap News Agency, on November 28th, Lee Eun-woon, Chairman of the Financial Services Commission of South Korea, stated at the 19th Anti-Money Laundering Day commemoration ceremony of the Financial Intelligence Analysis Institute that the scope of the "travel rule," also known as the "cryptocurrency real-name system," will be expanded to include transactions under 1 million won (approximately US$680). He emphasized that money laundering activities using virtual asset transactions will be severely cracked down on, and virtual asset transactions with overseas exchanges with high money laundering risks will be prohibited. Furthermore, a strict review mechanism will be established to comprehensively examine the criminal records, financial status, and social creditworthiness of major shareholders of virtual asset businesses.