Financial Services Commission Introduces Suspension of Report Examination for Virtual Asset Businesses

On February 5, the Financial Services Commission proposed a partial amendment to the Enforcement Decree of the Act on Reporting and Use of Certain Financial Transaction Information Act. This amendment includes provisions to suspend report examinations when there are delays in confirming relevant facts or determining whether examinations will resume. The aim is to streamline the reporting process and address operational needs. Key changes involve suspending examination, relaxing the reporting system, facilitating changes in representatives and officers, mandating real-name verification for deposit and withdrawal accounts, and adding grounds for revocation. Examinations may be halted or resumed based on ongoing criminal proceedings, investigations, or significant impacts on the examination process. Comments on the proposed amendments are open until March 4, 2024, and can be submitted to the Integrated Legislative Forecasting Center or the Financial Services Commission.

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