South Korea Ditches 1 Million Won Crypto Transaction Threshold for Travel Rule

The South Korean government has removed the 1 million won minimum threshold for cryptocurrency transactions subject to its Travel Rule, which requires information sharing between virtual asset service providers (VASPs).

This change was announced after the Cabinet approved new rules on August 11. The rule will now apply to every transfer between registered domestic VASPs, regardless of the transaction value.

Receiving exchanges must obtain sender and recipient information from sending VASPs, which can request missing data or reject transfers if necessary. This is intended to prevent users from avoiding scrutiny by splitting transactions into smaller amounts.