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ASIA-PACIFIC · JURISDICTION PROFILE
South Korea
Comprehensive
Travel Rule: In force
Regulator(s)FSC ↗ · FIU (KoFIU) ↗
FrameworkVirtual Asset User Protection Act (2024)
Travel RuleIn force
FATF statusNot listed
Overview
South Korea's Virtual Asset User Protection Act took effect in 2024, adding market-abuse prohibitions and user-asset safeguards on top of the existing AML registration regime for virtual-asset service providers, real-name bank-account requirements and a Travel Rule.
Regulatory framework
VASPs register under the Act on Reporting and Using Specified Financial Transaction Information; the User Protection Act adds conduct and custody safeguards.
Licensing & authorisation
VASPs report to and register with the FIU; real-name verified bank accounts are required.
AML & Travel Rule
A Travel Rule for virtual-asset transfers has applied since 2022.
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