The financial authorities have unveiled the standards for sharing transaction quotations (order books) between virtual asset providers (cryptocurrency exchanges).
The Financial Services Commission announced on the 22nd that it has revised the’Enforcement Decree of the Act on Reporting and Use of Specific Financial Transaction Information (Special Act) Supervision Regulations’ ahead of the enforcement on March 25th.
The Financial Services Commission’s Financial Information Analysis Agency (FIU) plans to allow the brokerage of cryptocurrency trading or exchange between customers of different cryptocurrency exchanges only if it meets the’scheduled requirements’.
According to the FIU, there are two main types of’schedule requirements’ △Virtual asset business owners licensed in Korea or abroadAnd △Checking information about each other’s customersYou should be able to do it.
In short, it means that only virtual asset providers who have been licensed and licensed by financial authorities in each country can share the order book.
An official from the financial authorities said, “Virtual asset business operators who have not obtained permission from the financial authorities should not provide services such as order book sharing.” “Order book sharing is prohibited with businesses whose headquarters location is not clear, such as Binance.”Said.
Financial authorities explained that only VASPs licensed from domestic and foreign financial authorities can conduct business related to cryptocurrency in Korea, as the Special Money Act is a measure to prevent money laundering (AML). For this reason, VASP’s handling of dark coins is also prohibited.
The Financial Services Commission also confirmed the standard for reporting suspicious transactions (STR).
Previously, the reporting period for STR was stipulated as’without delay’, but in the amendment Money laundering prevention report manager reports’within 3 business days’I made it.
An official from the financial authorities said, “The matters related to STR reporting cover all financial companies, electronic financial companies, etc., including virtual asset business operators, so that the reporting officer can immediately report to the financial authorities when suspicious transactions are found.” .
Financial Information Analysis Institute (FIU) of the Financial Services Commission added that this revision is to △definite matters related to virtual assets (cryptocurrency) and △ clearly define when financial companies and others report suspicious transactions (STR). .
On the other hand, the amendment to the Special Fund Act will be implemented on March 25th, and FIU will receive a virtual asset business operator (VASP) report from 9 am on the 25th.
The time from receipt of a VASP report to acceptance is up to 3 months, and existing operators can report by September 24th.
Documents required for acceptance of a report from a virtual asset business entity are △Report △Information Protection Management System (ISMS) Certificate △Real Name Confirmation Deposit and Withdrawal Account (Real Name Account) △Financial-related Law Violation Confirmation △Virtual Asset Handling List, etc., and legal currency (won) is provided. If not, there is no need to have a real name account.
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