What changes
Under the current rules, only transfers above 1 million won trigger the Travel Rule, which requires crypto service providers to share details about the sender and recipient. The new rules scrap that threshold, so every transfer between registered providers will need to include that information. That means even small transfers, like a few hundred won, will now be subject to the same reporting requirements as larger ones.
The move closes a loophole that allowed smaller transfers to go unreported. By removing the threshold, South Korea is applying the Travel Rule uniformly across all registered crypto service providers. This is a significant tightening of the rules, and it will increase the compliance burden on exchanges, which will need to handle more data for every transaction. The change also brings South Korea's crypto rules in line with the global standard for financial information sharing.
For users, the change means that their crypto transfers will be subject to more scrutiny. Even small transfers will now be reported to the relevant authorities. This could have implications for privacy, but it's part of a broader trend of stricter crypto regulation. The exact timeline for the change has not been announced, but registered providers will need to update their systems to comply.
That's about 250 words. We need to expand to 450-700. We can add a section about the Travel Rule itself. We can also add a section about the impact on exchanges. We can also add a section about the broader context. But we must not invent facts. We can say "The Travel Rule is a requirement that financial institutions share information about the parties to a transaction. It was originally designed for bank transfers, but it has been extended to crypto." That's a known fact but we can include it. We can say "South Korea is one of the first countries to apply the rule to all crypto transfers, regardless of size." But we don't know if it's the first. We can say "The change is a notable step in the country's crypto regulation." We can also mention that this is a response to international pressure. But
