South Korea’s financial regulator suggested revisions compelling new crypto project officials to acquire regulatory consent before working in crypto firms.
On February 5, the Financial Services Commission (FSC) suggested significantly modifying its virtual asset service provider (VASP) requirements. According to the proposal, the regulator should be able to evaluate executives joining crypto companies.
FSC Seeks Update During Personnel Changes
If approved, the regulation would force crypto companies to report to the FSC concerning changes in personnel. The officials would not be able to commence their jobs unless the regulator ratifies their personnel change report.
According to a local news outlet, after undergoing numerous procedures, the amendment should be implemented by the end of March this year. This includes a resolution from the Financial Services Commission and an assessment from the Ministry of Government Legislation.
South Korea Changes Terms for VASP Permits’ Renewal
Following the ordinance’s revision, the laws will apply to virtual asset service providers’ renewal reports to be made in the 2nd half of this year. The suggested regulations would also impact firms’ capabilities to renew their VASP permits.
The revisions seek to offer the Financial Services Commission the capacity to prohibit the review of virtual asset service providers’ permit registrations in case local or global authorities are probing its personnel. The FSC is welcoming people’s reviews concerning the suggested adjustment. They have up to March 4 to give comments.
South Korea Regulators Eyes Stricter Guidelines
Regulators in South Korea have been seeking to launch stricter guidelines for the nation’s crypto realm. On January 15, a local outlet revealed that the country’s Financial Intelligence Unit is preparing a law regarding crypto mixers. The government agency seeks to establish regulators akin to those in the U.S. amid an increase in the utilization of crypto mixers for money laundering.
Earlier last month, the Financial Services Commission claimed it was concerned by money laundering and illicit outflows that might occur when citizens purchase crypto from foreign exchanges. On January 3, it published a legislative notice suggesting changing its credit finance regulations that will prevent locals from using credit cards to purchase crypto.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.