South Korea's Financial Services Commission Chairman, Lee Eok-won, announced an expansion of the cryptocurrency "travel rule" to include transactions below 1 million won (approximately $680). Speaking at the 19th Anti-Money Laundering Day event, Lee emphasized a crackdown on money laundering through virtual assets, highlighting the prohibition of transactions with overseas exchanges deemed high-risk for such activities. The new measures will also introduce a stringent review process for major shareholders of virtual asset businesses, assessing their criminal records, financial status, and social creditworthiness. These steps aim to strengthen the regulatory framework and curb illicit financial activities in the cryptocurrency sector.