Revision on cryptocurrency exchange passed at the Cabinet meeting
Revision on cryptocurrency exchange passed at the Cabinet meeting
  • Jung Jun-ho
  • 승인 2020.03.19 10:48
  • 댓글 0
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In the future, virtual asset (cryptocurrency) exchanges will be able to do business after receiving a deposit and withdrawal account that can be verified by real name and Information Security Management System (ISMS) certification.

The Financial Services Commission (FSC) said that the revised bill of the Act on Report and Use of Specific Financial Transaction Information on virtual assets was approved at a Cabinet meeting on March 17 for promulgation this month.

The revision, which passed the plenary session of the National Assembly on March 5, outlines the concept of virtual assets and virtual asset operators and stipulates the obligation that virtual asset operators must comply with when dealing with virtual asset operators and financial companies.

The G20 and the Financial Action Task Force (FATF) have called for the revision of international standards and urged each country to implement the revised international standards as the risk of money laundering and other crimes using virtual assets has been pointed out.

Under the promulgated plan, virtual asset operators are required to report to the FIU. As a requirement for reporting, they should have a deposit and withdrawal account that can be verified by real name and ISMS certification.

In addition, additional obligations such as basic anti-money laundering obligations, including customer identification, suspicious transaction report and storage of related data, and separation of transaction history by user will be imposed on virtual asset operators.

“Virtual asset operators will be able to prevent money laundering and other criminal activities using virtual assets, such as confirming the identity of users and reporting to the FIU in case of suspected money laundering, and contribute to establishing a transparent transaction order,” the FSC said.


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