Financial regulators in South Korea are pushing for broader reporting requirements on crypto transfers to further align with global Anti-Money Laundering standards for digital assets.
South Korea's Financial Intelligence Unit (FIU) raised proposals to expand the Financial Action Task Force’s (FATF) Travel Rule requirements to smaller crypto transfers during a plenary meeting in Paris last week, according to an announcement on Monday.
The crypto Travel Rule is a global AML standard that requires crypto exchanges to share sender and recipient information for transfers above certain thresholds. It is designed to improve the traceability of funds moving between platforms.
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