South Korea

Jurisdiction details & requirements
Regulator/Supervisor	Korean Financial Intelligence Unit (KoFIU)
Website	https://www.fsc.go.kr/eng
De minimus threshold	KRW 1m (USD900) to KRW 3m (USD2,700) depending on the type of transfer
Travel Rule enactment date	2022-Mar-25
Unhosted wallets	No requirements for transfers to and from non-custodial or self-hosted wallets
VASP licensing & registration requirements	VASPs are required to register with KoFIU and comply with AML obligations such as filing reports on suspicious transactions and verifying the identity of their customers. Deadline for domestic and international VASPs to register: 2021-Sep-24.
VASP reporting obligations	All outbound remittances in an amount exceeding US$3,000 per transaction or a yearly aggregate limit of US$50,000 must be reported to and approved by the Bank of Korea (BOK).
VASP equivalent term	n/a
Travel Rule applies to	tbc

Published guidance/legislation

Date	Url
2022-03-24	Enforcement of Travel Rule on VASPs to Take Effect from March 25
2021-12-23	29 Out of 42 Virtual Asset Service Providers Granted Business Registration Approval
2021-11-23	KoFIU Holds International Conference Commemorating 20th Anniversary
2021-03-16	AML Requirements of Virtual Asset Service Providers to Take Effect from March 25
2020-11-03	FSC Proposes New Rules on AML Requirements on Virtual Assets