New registration review rules for virtual asset operators in South Korea will take effect from August 20, with the scope of review expanding to major shareholders. The revised procedures were outlined at an information session held in Seoul on August 13 by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS), which was organized for virtual asset service providers as well as prospective operators. During the session, the two regulators unveiled the updated registration manual.
Under the manual, the review scope now covers not only the largest shareholder and major shareholders with a stake of 10 percent or more, but also shareholders that have a special relationship with the largest shareholder. If the largest shareholder is a legal person, that legal person's own largest shareholder and its representatives may also be brought into the review.
Additionally, operators are required to notify the financial authorities at least 30 days in advance in the event of any changes to major shareholders or to the company's legal compliance framework.
South Korea's Financial Intelligence Unit (FIU) and Financial Supervisory Service (FSS) held an information session in Seoul on August 13 for virtual asset service providers and prospective operators. At the session, the two agencies released a revised registration manual that expands the scope of review to cover major shareholders.
The review now applies to the largest shareholder, major shareholders holding stakes above 10 percent, and shareholders with special ties to the largest shareholder. If the largest shareholder is a corporation, that corporation's own largest shareholder and its representatives may also fall within the review scope.
The new rules take effect from August 20. Operators are also required to notify financial authorities 30 days in advance of any changes to major shareholders or the company's legal compliance framework.
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