South Korea Tightens Crypto Rules, Extends Travel Rule to All Transfers
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South Korea approved amendments extending the crypto Travel Rule to all transfers, removing the 1M KRW threshold to deter transaction splitting. The package also tightens VASP licensing, broadens major shareholder reviews, adds leverage constraints (max 200% debt-to-equity), and applies risk-tiered controls on transfers between overseas exchanges and personal wallets, with high-risk flows potentially blocked. Implementation is slated six months post-announcement, raising near-term compliance and friction risks.
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Aug. 11 — South Korea's State Council has approved revisions to the Enforcement Decree of the Specific Financial Information Act, expanding the crypto-asset "Travel Rule" to cover all transfers. Previously, the rule applied only to transactions exceeding 1 million won; the change is intended to curb attempts to bypass oversight by splitting transfers into smaller amounts.
The amendment also raises the bar for entering the virtual-asset service provider (VASP) market, broadens the review of major shareholders, and adds financial requirements, including a maximum debt-to-equity ratio of 200%.
Transfers involving overseas exchanges and personal wallets will be managed under a differentiated, risk-based framework. High-risk transactions may be restricted or banned.
The Travel Rule expansion and related measures will take effect six months after the official announcement, ChainThink reported.
