Financial Services Commission to hold 2nd non-public meeting for cryptocurrency exchanges on the 10th

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Jeon Yo-seop, head of planning and administration at the Financial Intelligence Unit (FIU) (left), is having a conversation with field officials at the ‘Virtual Asset Exchange Report Registration Guide’ held at the Bank Hall in Jung-gu, Seoul on the afternoon of the 3rd. At the meeting, it is expected that information security management system (ISMS) certification will be given to the 20 exchanges that have acquired the information security management system (ISMS) certification.

The financial authorities hold a second meeting with about 20 cryptocurrency (virtual asset) exchange operators.

According to the industry on the 9th, the Financial Intelligence Unit (FIU) under the Financial Services Commission will hold a second private meeting with officials of the cryptocurrency exchange in Yeongdeungpo-gu, Seoul on the 10th. The Financial Services Commission, the department responsible for managing and supervising cryptocurrencies, held the first closed meeting with related business operators at the Bank Federation Hall in Jung-gu, Seoul on the 3rd.

The last meeting was held in response to a flood of inquiries from the government consulting desk. Inquiries from exchanges and investors abounded when the government announced plans to manage virtual asset transactions in May and said that it would provide consulting to induce prompt reporting of virtual asset operators.

The meeting was attended by 20 cryptocurrency exchanges certified by the Financial Intelligence Service (FSC), the Financial Intelligence Service, the Office of Government Policy Coordination, the Ministry of Science and ICT, the Financial Supervisory Service, the Korea Internet & Security Agency (KISA), the Federation of Banks, and the Information Security Management System (ISMS).

At the last meeting, the FSC explained the requirements for reporting cryptocurrency business operators and preparing for the fulfillment of obligations. The Office of Government Policy Coordination announced the virtual asset transaction management plan announced on the 28th of last month, the Financial Supervisory Service announced recommendations to reflect virtual asset operators’ business promotion plans, and the Ministry of Science and ICT and KISA announced the strengthened certification standards for ISMS and future inspections.

It is known that cryptocurrency exchange officials have appealed to the Financial Services Commission that it is difficult to obtain a confirmation of opening a real-name authentication deposit and withdrawal account with a bank. They asked the FSC to encourage banks to partner with real-name authentication accounts with cryptocurrency exchanges, but the FSC is said to have been reluctant.

A FSC official said, “It is true that the second meeting will be held on the 10th,” but declined to comment on the agenda. However, in the industry, it is predicted that the second meeting will not be much different from the previous meeting in terms of participants and agenda.

Meanwhile, the Financial Services Commission has started preparing countermeasures against virtual assets with the Financial Supervisory Service, Korea Exchange, Korea Securities Depository, and Koscom, led by the Financial Intelligence Service.

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