South Korea Steps Up Crypto Oversight, Expands Travel Rule to All Transfers
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South Korea's FIU approved stricter crypto market rules, including tougher scrutiny of exchange shareholders, a maximum 200% debt-to-equity ratio, and expansion of the Travel Rule to all transfers with no threshold. Risk-based controls on offshore exchanges and personal wallets raise compliance burdens and may reduce transactional flexibility. A one-year grace period softens near-term disruption, but the direction is restrictive for crypto activity.
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South Korea's Financial Intelligence Unit (FIU) said amendments to the Enforcement Decree of the Specific Financial Information Act have cleared the State Council, tightening supervision of the crypto sector, local media Edaily reported, as cited by ChainCatcher. Under the revised rules, regulators will apply stricter screening to the eligibility of major shareholders at crypto exchanges, and exchanges must keep a debt-to-equity ratio no higher than 200%.
The Travel Rule will be broadened from applying only to transfers above 1 million KRW to covering all transfers with no minimum threshold. Transfers involving overseas exchanges and personal wallets will face risk-based differentiated controls.
The amendments also require exchanges to staff qualified personnel, deploy necessary equipment, and build internal control systems. Existing exchanges will be given a one-year grace period. Some provisions will take effect on August 20, while the Travel Rule and related measures will be fully implemented six months later.
