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South Korea

Scope of the travel rule

VASPs involved in the following business activities must comply with the travel rule:

  • The selling or buying of cryptocurrencies;

  • crypto-to-crypto exchanges;

  • The transferring of cryptocurrencies;

  • The storage or management of virtual assets.

Supervisory body

Financial Services Commission (FSC)

Threshold

KRW 1 million (at press time around CHF 800)

Information to be exchanged

  • name of originator

  • name of beneficiary

  • wallet address of originator

  • wallet address of beneficiary

On request of beneficiary VASP or official authorities, the following information will have to be provided within three (3) business days: 

  • Originator's official personal document identity number, 

  • customer identification number, or 

  • alien card registration number.

When do you need to comply?

March 25th, 2022

What else do you need to know?

All VASPs must meet the following requirements:

  • Register with Korean Financial Regulator before they start operating

  • Register an authorised company bank account and provide customers with their own real-name accounts with the same bank.

  • Establish expanded AML/KYC procedures using a risk-based approach, which includes customer due diligence and suspicious transactions reporting. 

  • Acquire an Information Security Management System (ISMS) certificate at the Korea Internet & Security Agency (KISA).

Submit the company's details (company name, the name of its representative, location of the place of business and contact information) and the details of its bank account to the financial intelligence unit.

  • Report Large Cash Transactions (KRW 10 million) (information to be provided includes name and location of the reporting entity, date and place of payment or receipt of cash; name of the beneficiary, details of payment or receipt of cash)

Applicable regulation

Act on the reporting and use of specific financial transactions information

Enforcement Decree of the Act on the Reporting and Use of Specific Financial Transaction Information

Written by:
Delphine Forma
Delphine Forma
Senior Compliance Officer
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