| Mobile Web

Lee Eok-won vows to crack down on crypto money laundering, expand travel rule to transactions under 1 million won

Financial Services Commission Chairman Lee Eok-won said the travel rule for virtual assets will be expanded to transactions below 1 million won to block attempts to evade oversight. He also said South Korea will bar trading with high‑risk offshore exchanges, restrict major shareholders of crypto businesses with criminal records, and strengthen FIU review standards. The FIU will add a pre‑emptive account freeze system and expand international cooperation, including ties with Southeast Asian FIUs and coordination at FATF meetings.