The South Korean government will oblige cryptocurrency exchanges to disclose information about the sender and recipient of transactions in the amount of $820 or more, in accordance with the recommendations of the FATF.
The Crypto Travel Rule issued by the International Financial Action Task Force (FATF) requires Virtual Asset Service Providers (VASPs) to disclose information about parties involved in transactions greater than $1,000.
At the request of the South Korean government, all cryptocurrency exchanges in the country were required to comply with FATF requirements. Starting March 25, exchanges will disclose information on all transactions in the amount of one million Korean won ($820).
The entry into force of the Crypto Travel Rule caused concern to local investors who feared access restrictions when moving cryptocurrency assets to personal wallets or exchange accounts. The Korean Financial Intelligence Unit clarified that the Crypto Travel Rule only governs transactions between individuals and there are no special conditions regarding the transfer of funds to a personal wallet or account.
In February, the European Union announced that by 2024 it plans to create a single supervisory body to combat money laundering, which will be given broad powers to control the cryptocurrency industry.
