South Korean virtual asset operators to comply with the "Travel Rule" system from the 25th

03/24 03:26

According to Yonhap News Agency, South Korean virtual asset operators must provide sender and receiver information when transferring virtual assets of more than 1 million won to other operators from the 25th. The Financial Intelligence Unit (FIU) under the Korea Financial Services Commission said on the 24th that it will implement the "Travel Rule" system with these as the main content from the 25th. The Travel Rule was introduced under the revised Special Act, which came into effect in March last year. The financial sector reminds that if these rules and obligations are violated, it may take measures such as institutional warnings, institutional warnings, ordering corrections and disciplinary measures against operators depending on the results of inspection and supervision.

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