A South Korean regulatory rationalization committee has proposed revising the enforcement decree of the Act on Reporting and Use of Specific Financial Transaction Information, according to Korean media outlet NATE. The proposed change would exclude minor legal violations from restrictions applied to major shareholders of virtual asset service providers, or VASPs. The proposal has triggered discussion in the market over whether the change could affect exchange mergers and acquisitions, the entry of new business operators, and the broader question of regulatory fairness. The suggested easing also raises a separate issue over the scope of authority attached to the enforcement decree itself. No additional details were provided in the cited report on how the revision would be implemented or when any next step might take place.
South Korea’s regulatory rationalization committee has proposed amending the enforcement decree of the Act on Reporting and Use of Specific Financial Transaction Information, according to Korean media outlet NATE.
The proposal would exclude minor legal violations from eligibility restrictions for major shareholders of virtual asset service providers (VASPs).
The reported move has prompted market discussion around exchange mergers and acquisitions, the entry of new businesses, and regulatory fairness. The easing proposal also touches on questions over the authority boundaries of the enforcement decree.
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