[South Korea to Strengthen Anti-Money Laundering Regulations for Cryptocurrency, Covering Small Transfers Below 1 Million Won] BlockBeats News, November 28, according to Yonhap News Agency, South Korea's Financial Services Commission Chairman, Lee Bok-hyun, stated at the '19th Anti-Money Laundering Day' event that South Korea will further strengthen anti-money laundering regulations for cryptocurrency. The scope of the 'Travel Rule,' also known as the 'Cryptocurrency Real-Name System,' will be expanded to include small transfers below 1 million won (approximately $680) to address existing regulatory blind spots. Domestic virtual asset trading platforms in South Korea will be required to collect information such as the sender's and receiver's names and wallet addresses when processing virtual currency deposits/withdrawals exceeding 1 million won. This measure aims to prevent future money laundering activities that attempt to bypass these regulations. Lee Bok-hyun emphasized that regulatory authorities will strictly crack down on money laundering activities involving virtual assets and prohibit virtual asset transactions with overseas exchanges that pose high money laundering risks. South Korea will also establish a stricter review system to conduct comprehensive checks on the criminal records, financial status, and social creditworthiness of virtual asset business operators and their major shareholders, thereby raising the industry's entry threshold.