South Korea Removes 1 Million Won Crypto Transfer Limit

South Korean regulators have officially removed the 1 million won threshold for the crypto Travel Rule. Previously, smaller transactions could move without the same level of scrutiny, but that grace period is now over. Any transfer made through a domestic virtual asset service provider will now require full reporting protocols.

This shift forces domestic exchanges to track every movement of digital assets. The move comes as officials tighten their grip on financial transparency. They are also implementing stricter controls for interactions with overseas exchanges and private digital wallets to ensure better oversight of capital flows.

For local traders, this means more paperwork for even small movements of funds. Industry observers suggest this is a push to align crypto activity with traditional banking standards. Keep an eye on how local exchanges adjust their user interfaces to handle these constant reporting requirements in the coming weeks.