The virtual asset business operator (VASP) reporting manual, which related companies such as cryptocurrency exchanges and wallet service companies, have been waiting for has been released.
The Financial Services Commission and the Financial Supervisory Service released a manual for reporting additional asset business operators on the 17th ahead of the enforcement of the amendment to the Act on the Use and Reporting of Specific Financial Transaction Information (Special Law) on the 25th of next month.
According to the amendment to the Special Money Act, in order to conduct business related to virtual assets (cryptocurrency) in Korea, a virtual asset business operator must receive a report and repair.
According to the reporting manual, new business owners can do business only after completing the report and repair of virtual asset business operators, and existing business owners can do business by September 24th after a grace period.
The requirements for reporting and repair of virtual asset business operators are △Information Security Management System Certification (ISMS) △Real Name Confirmation Deposit and Withdrawal Account (Real Name Account) △Completion of Qualification Requirements for Representatives and Executives.
The method of reporting is to submit the required documents on the requirements for report acceptance to the financial information analysis agency (FIU). The submitted report is reviewed by the Financial Supervisory Service. The FIU plans to notify whether the report is accepted within three months from the date of receipt of the report based on the results of the Financial Supervisory Service’s review.
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