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South Korea’s FIU Tightens Crypto Transfer Rules for Personal Wallets and Overseas Platforms

The Financial Intelligence Unit (South Korea anti-money laundering watchdog) now requires reporting for digital asset transfers above 10 million won and removes the Travel Rule (crypto sender-recipient data rule) minimum threshold.

Summary

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Terms & Concepts
  • Travel Rule: A compliance requirement that requires crypto service providers to share sender and recipient information for transfers.
  • Personal wallet: A self-custodied crypto wallet controlled directly by the user rather than by an exchange or other intermediary.
  • Liquidity: The ease with which assets can be traded without causing large price movements in the market.