South Korea is strengthening oversight of virtual asset service providers after a Cabinet meeting approved revisions to the enforcement decree of the Act on Reporting and Use of Specific Financial Transaction Information, Etoday reported. The changes widen the range of major shareholders subject to review and require operators to keep debt ratios at 200% or below, while also maintaining professional staff and adequate security and internal control systems. Existing operators will get a one-year grace period for some requirements. The revisions also remove the current 1 million won threshold for the Travel Rule (rule requiring sender and recipient data), meaning anti-money laundering obligations will apply to all virtual asset transfers. Transactions involving overseas exchanges and personal wallets will be handled differently depending on risk. Registration-related provisions will take effect on Aug. 20, while the Travel Rule revisions and other measures will come into force six months after promulgation.