South Korea is set to broaden the scope of its registration review for virtual asset service providers (VASPs) to include major shareholders, with the change scheduled to take effect on August 20, according to News1. Under the updated rules, operators will be required to give financial authorities 30 days' advance notice in the event that major shareholders or the company's legal compliance framework undergo any changes. The revised registration handbook was released during a briefing in Seoul hosted by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS), which was intended for VASPs and prospective operators. The review now covers the largest shareholder, shareholders with a stake of at least 10%, and shareholders with a special relationship to the largest shareholder. Where the largest shareholder is a legal entity, the entity's own largest shareholder and its representatives may also be brought under review. The details emerged from a session that brought together existing service providers and firms considering entry into the sector.
South Korea will widen the scope of its registration review for virtual asset service providers (VASPs) to cover major shareholders, starting Aug. 20, according to News1.
If a major shareholder or the company's legal compliance framework changes, operators must notify financial authorities at least 30 days in advance. The requirement is part of a revised registration handbook released during a briefing in Seoul held by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS). The session was aimed at existing VASPs and prospective operators.
Under the updated handbook, the review targets not only the largest shareholder and major shareholders with a stake of 10% or more, but also shareholders with a special relationship to the largest shareholder. If the largest shareholder is a legal entity, that entity's largest shareholder and its representatives may also be subject to review.
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