As a result of the financial authorities’ examination of virtual asset (cryptocurrency) operators, 29 operators, including 24 coin exchanges and 5 wallets and trustees, received reports and acceptance of the total 42 operators, and settled into the system. On the other hand, eight operators voluntarily withdrew their report due to lack of preparation for the anti-money laundering (AML) system, and five operators that did not pass the review were subject to re-examination. If the financial authorities do not pass the re-examination, the financial authorities are planning to review the non-acceptance of the report.
On the 23rd, the Financial Services Commission announced the ‘Virtual Asset Business Reporting Review Results’ with this content.
In accordance with the revised Specific Financial Transaction Information Act (Special Provisions Act), 42 virtual asset operators, including 29 coin exchanges, 13 wallets, and trustees, submitted a business report to the Financial Intelligence Unit (FIU) under the Financial Services Commission on September 24. did. Since then, the financial authorities have been conducting business evaluations through the Reporting Review Committee, which is made up of experts in the fields of economy, law, and IT.
As of this day, there are a total of 24 coin exchanges (traders) that have passed the FIU screening. Among them, KRW market operators that can trade based on KRW are ΔUpbit ΔBithumb ΔCoinone ΔKorbit, and coin market operators that support transactions based on representative coins such as Bitcoin are ΔFlybit ΔJdac Δ. Pax ΔPigeon Wallet ΔProBit ΔPoblegate ΔHuobi Korea ΔCordax ΔFlatty Exchange ΔHanbitco ΔBblock ΔBtrade ΔOKBit ΔBitkmon ΔPrabin ΔCoinNcoin ΔBorabit ΔCasherrest ΔTenN There are 20 companies including Ten ΔAprobit.
Two of the remaining five coin exchanges were evaluated by the financial authorities for their insufficient AML system and were subject to re-examination. The financial authorities decided to re-examine at the end of January next year after granting a supplementary period of one month. If the re-examination does not pass, the policy of the financial authorities is to review the ‘not accepting report’.
The three business operators voluntarily withdrew the report for reasons such as preparation and maintenance. The withdrawing operator must close all operations from the 24th and support the withdrawal of customer assets.
Among the 13 wallets and consignees, five companies received the report, including ΔCoda, ΔKdak, ΔHexlant, ΔMyKeepin Wallet, and ΔHyperism. Three operators were subject to re-examination after supplementing the AML system for one month, and four operators voluntarily withdrew their reports due to lack of preparation. The other operator withdrew the report as it was judged that it was not subject to reporting as a virtual asset operator under the Special Act.
From next year, the financial authorities plan to conduct on-site inspections and regular supervision of reporting businesses. In addition, we plan to conduct a survey on the actual situation, such as the business status, on a semi-annual basis.
An FIU official said, “According to the current law, a business report is subject to review whether it meets the reporting requirements related to anti-money laundering,” said an FIU official. “Users should be cautious in accordance with the principle of self-responsibility even when trading virtual assets through reported operators,” he added.
