South Korea will remove its 1 million won Travel Rule threshold and apply information-sharing requirements to all transfers between registered virtual asset service providers. The rule change aims to prevent users from circumventing the requirement by splitting transfers into smaller amounts, as illustrated by a case where a user made 216 withdrawals of less than 1 million won after depositing 200 million won into a crypto exchange to purchase USDT. Registered providers will also need to assess counterparty risks for transfers involving foreign exchanges and personal wallets, with high-risk transactions prohibited. The new AML requirements will take effect six months after the decree is promulgated.
Source: Read the original article
