South Korea to apply "travel rule" to all crypto exchange transfers from Aug. 20
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South Korea will apply travel rule data-sharing requirements to all exchange-to-exchange crypto transfers from Aug. 20, eliminating the 1M won threshold and tightening AML controls by removing transfer-splitting loopholes. This raises compliance burdens and may reduce frictionless flows between domestic venues, while self-custody withdrawals face a risk-based ownership verification regime. Korea's push for FATF to remove global thresholds increases regulatory convergence risk.
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South Korea will expand its crypto "travel rule" regime on Aug. 20, bringing all transfers between domestic crypto exchanges under the reporting requirement regardless of transaction size. The change removes the current 1 million won (about $730) threshold.
Exchanges such as @Official_Upbit and @BithumbOfficial will be required to collect and transmit identifying information for both senders and recipients on every qualifying transfer. Regulators say the move addresses a perceived money-laundering loophole created by transaction-splitting.
Transfers from exchanges to self-custody wallets will be handled under a risk-based framework rather than the full travel rule, including wallet-ownership checks and enhanced monitoring for higher-risk transactions.
Seoul has also called on the Financial Action Task Force (@FATFNews) to eliminate thresholds globally, a shift that would align international standards more closely with Korea's zero-threshold approach.
