South Korea's FIU Proposes Expanding Travel Rule to Small Virtual Asset Transactions

CoinFeed, June 22 - According to Digital Asset, South Korea's Financial Intelligence Unit (FIU) proposed at the FATF plenary meeting to expand the scope of the Travel Rule to small virtual asset transactions and recommended imposing transaction restrictions on high-risk unregistered virtual asset service providers. The South Korean delegation emphasized that as the risk of money laundering in cross-border digital asset transactions grows, member countries should apply the Travel Rule to both sending and receiving VASPs and extend its scope to small transactions. In response to increasing cases of criminal organizations using overseas and unregistered VASPs, South Korea suggested strengthening customer identification obligations and considering transaction restrictions on high-risk unregistered VASPs.