According to Digital Asset, South Korea’s Financial Intelligence Unit (FIU) proposed at the FATF plenary meeting to expand the scope of the Virtual Asset Travel Rule to include small-value transactions and recommended imposing transaction restrictions on high-risk unregistered virtual asset service providers. The South Korean delegation suggested that member countries apply the Travel Rule to both the originator and beneficiary VASPs, extend its applicability to small-value transactions, strengthen customer due diligence obligations, and consider implementing transaction restrictions on high-risk unregistered VASPs.
South Korea Proposes Expanding the Travel Rule to Small Transactions and Restricting Unregistered VASPs
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Summary
South Korea’s Financial Intelligence Unit proposed expanding the Travel Rule to include small-value transactions during a FATF plenary meeting. The country also recommended restricting transactions involving unregistered virtual asset service providers. This move aligns with ongoing global developments in digital asset regulation, reflecting tighter oversight. On-chain news continues to emphasize increased scrutiny of high-risk VASPs.
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