Korea's cabinet approved a major overhaul to VASP licensing and AML rules. Big changes: expanded shareholder review, a new 200% debt-ratio cap, and the ₩1M travel rule threshold is gone entirely, now applies to all transfers. Major-shareholder review now catches anyone who appointed the CEO or board majority, and if the top shareholder is a corporate entity, its own controlling shareholder gets pulled in too. New disqualification rules: debt ratio under 200%, no defaults in the past 3 years, no history as a failed or license-revoked financial institution. Existing exchanges get a 1-year grace period on the debt ratio. Killing the ₩1M travel rule floor closes the obvious workaround of splitting transfers to dodge reporting. Offshore exchange and private wallet transfers now get risk-tiered: low-risk foreign exchanges are fine, others only allowed if sender and recipient are verified as the same person, high-risk transfers blocked outright, and anything above ₩10M requires the exchange to run its own suspicious-transaction monitoring. Timing: VASP registration rules take effect August 20. Travel rule and offshore/wallet transfer rules kick in six months after promulgation. FIU briefing for exchanges is August 13.