March 24, 2022 11:04
All cryptocurrency trades over W1 million will be subject to the so-called travel rule from Friday, a set of requirements for users to provide detailed information including the names, nationalities and addresses of involved parties (US$1=W1,216).
The measure aims at ending anarchy in the market and improving transparency to prevent money laundering and other illicit activities.
Cryptocurrency trades surpassing W1 million through the Upbit cyber money exchange can only be done with eight other domestic exchanges as well as Upbit Singapore, Indonesia and Thailand.
A list of eligible exchanges for Bithumb, Korbit and Coinone will be unveiled soon, and transaction systems between exchanges will be connected later to enable transfers between them.
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