On the 28th, the government announced a virtual asset management system and a’virtual real estate transaction management plan’ to prevent damage to illegal activities caused by the expansion of the virtual asset market.
The Prime Minister’s Office announced that the decision was made at a meeting of the vice ministers of related ministries held in the afternoon of this afternoon, presided over by the head of the Office of State Affairs Coordination, Gu Yoon-cheol.
The meeting was attended by the Ministry of Science and ICT, the Ministry of Strategy and Finance, the Ministry of Justice, the Korea Communications Commission, the Fair Trade Commission, the Financial Services Commission, the Personal Information Protection Commission, the National Police Agency, the National Tax Service, and the Customs Service.
According to the government’s announcement, the management and supervision of virtual asset business operators and system improvement will be promoted under the supervision of the Financial Services Commission. Blockchain technology development and industry promotion is supervised by the Ministry of Science and Technology.
In addition, it was decided to operate a support group in which the Ministry of Science and Technology, the Financial Services Commission, the Ministry of Science and Technology, and the Office of National Administration participate in discussions and coordination when issues arise between ministries.
In particular, as there are various forms of illegal and unfair behavior related to virtual assets, the National Tax Service and Customs Offices have been added to the TF of the Vice Ministers’ Meeting of Virtual Assets-related ministries operated by the National Intelligence Service to respond in all directions to illegal activities.
According to the Special Financial Information Act revised in March (hereinafter referred to as the Special Provisions Act), the government divides the stages before and after the period for reporting virtual asset business operators to manage business operators.
Accordingly, until September 24th, the reporting requirements and supplementary matters consulting will be provided for the reporting registration of virtual asset business operators. When the report is received, it will be reviewed promptly and the market will be reorganized centered on the companies that have reported early.
In particular, as there is a high possibility of illegal activities during the business reporting grace period, the’special crackdown on illegal activities of criminal ministries’ will be extended until September to prevent damages from participants in the transaction. Major illegal activities such as illegal multi-level fraud, pseudo-reception, hacking, phishing and smishing related to virtual assets are subject to intensive crackdown.
From September 25, when reporting of virtual asset business operators is obligated, systematic management and supervision will be followed to strengthen monitoring of compliance with reporting requirements, money laundering prevention, embezzlement prevention, and hacking prevention in order to secure transaction transparency.
The government plans to revise the Enforcement Decree of the Special Money Act to prohibit the act of intermediating and mediating direct sales and exchanges for virtual assets issued by virtual asset operators.
In addition, a plan to increase the cold wallet storage ratio by more than 70%, which prohibits virtual asset business owners and employees from trading virtual assets through the virtual asset business operator, and secures virtual assets from hacking, will be reviewed.
