Changing Travel Rule Thresholds
While the crypto industry has spent the last few years adjusting to the Financial Action Task Force (FATF) standards, when it comes to crypto compliance, governments and regulators are starting to look even further than the minimum recommendations, and in South Korea this is in the direction of total, granular transparency. The country is considering extending the Travel Rule to cover even the smallest crypto transactions taking place with crypto, and introducing strict mandates for crossborder transfers. With this, South Korea would show that countries with a significant interest in crypto are willing to go hard on rules to clamp down on fraudsters and illicit actors.
