Korea Blockchain Association launches TF team to support virtual asset business operators’ reporting on the Special Act

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Oh Gap-su, President, Korea Blockchain Association

The Korea Blockchain Association announced on the 29th that it has launched a Task Force (TFT) to support reporting of the Special Act.

The task force team consists of Sang-jo Park (former chairman of the KOSDAQ market), Jeong-ha Lee (former auditor of the National Banking Association), Jong-gu Lee (former standing member of the Financial Services Commission), and Jung-hwon Jeon (former chairman of the OECD Industry Advisory Committee of the International Development Cooperation Organization) Digital Economy Korea Representative), Vice Chairman Hong Soon-gye (former non-executive director of Korea Housing Finance Corporation), and about 10 former and current financial institutions.

The Association has actively represented the industry’s opinions in the process of revising the Act on the Reporting and Use of Specific Financial Transaction Information (Special Act) and concurrent enforcement ordinances. Since March 2018, when there was no regulation, the association established a standard self-regulatory proposal based on the autonomous cooperation of member companies that are virtual asset (cryptocurrency) trading companies, including anti-money laundering, consumer protection, server management and access control. It has been encouraging compliance with self-regulations that amount to 90 items.

However, despite these efforts, it is interpreted as an attempt to overcome the situation where many member companies are experiencing difficulties in implementing the reporting procedure.

Park Sang-jo, head of the Korea Blockchain Association’s Special Act Reporting Support Task Force Team, said, “Out of a total of 20 domestic virtual asset trading companies that have obtained ISMS certification under the Specific Financial Information Act, 16 are members of the Korea Blockchain Association, of which real-name verification deposits and withdrawals are made. Only four companies have issued account services,” he pointed out.

He continued, “The Task Force actively supports the fulfillment of key requirements such as real-name verification deposit and withdrawal accounts so that all member companies subject to reporting under the Special Act can quickly and smoothly implement the reporting process by the deadline of September 24 aim,” he said.

Oh Gap-su, president of the Korea Blockchain Association, said, “The deadline for reporting virtual asset operators is imminent, but many member companies are in a desperate situation that they may not even be reviewed by the authorities.” He continued, “Even in a non-regulatory situation, we will continue to work tirelessly to create a healthy market and protect investors. We will make every effort at the association level so that member companies of the Korea Blockchain Association, which have been working hard, have a fair chance to be reviewed by the authorities in accordance with the reporting procedure under the Specific Financial Information Act.”