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Friday Nov 28 2025 09:20
2 min
South Korea is gearing up for a more stringent approach to Anti-Money Laundering (AML) within the cryptocurrency space. The nation plans to broaden the scope of its "Travel Rule" to encompass crypto transactions valued at under 1 million won (approximately $680). This move is designed to close loopholes that allow users to circumvent identity reporting mandates by breaking up larger transfers into smaller, less conspicuous amounts.
Lee Eok-won, Chairman of the Financial Services Commission (FSC), announced these intentions during a session of the National Assembly’s Legislation and Judiciary Committee, as reported by Yonhap News. He emphasized the government's commitment to aggressively tackling money laundering activities that exploit the use of cryptocurrencies. The aim is to prevent the use of crypto for tax evasion, drug trafficking, and other illicit overseas payment schemes.
Authorities anticipate finalizing the new regulatory framework in the first half of 2026 and will submit the necessary legislative amendments to the National Assembly. Furthermore, they plan to enhance cooperation with international bodies like the Financial Action Task Force (FATF).
This announcement follows earlier initiatives in South Korea to combat tax evasion. On October 19th, an official from the National Tax Service (NTS) stated that the agency is prepared to conduct searches and confiscate cold wallets and hard drives if individuals are suspected of concealing crypto assets offline to avoid paying taxes. The NTS will analyze tax delinquency histories using crypto-tracking programs to identify and target potential cases of offline concealment.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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