If a virtual asset provider does not provide an exchange service between cryptocurrency such as bitcoin and cash, it is not necessary to have a real name confirmation deposit/withdrawal account. In addition, financial companies must report to the Financial Information Analysis Agency (FIU) within 3 business days from the time when the person in charge of reporting decides that’the financial transaction subject to reporting suspicious transactions, etc.’ in relation to money laundering prevention.
FIU announced on the 22nd that it has revised the’Specific Financial Transaction Information Reporting and Supervision Regulations’ with these details. The revised Specific Financial Information Act (Special Money Act), enforcement decree, and supervisory regulations will take effect on the 25th.
In the revision of the supervisory regulations, it was stipulated as a’virtual asset business operator that does not have any act of exchanging money with virtual assets’ as an exception to the obligation to secure a deposit/withdrawal account to verify the real name. In the Special Money Act, virtual asset providers are obligated to use real-name verification deposit and withdrawal accounts, but the reasons for exceptions are separately stipulated.
It also prepared a method for calculating the price of virtual assets. When the virtual asset trading/exchange transaction is concluded, the amount expressed in won is calculated by applying the value indicated by the virtual asset business operator. In addition, when a virtual asset transfer request is received from a customer, the value expressed by the virtual asset business operator is applied to calculate the amount converted into KRW.
In addition, the brokerage of the trading and exchange of virtual assets between customers of other business operators is also allowed on a limited basis. However, this can only be done when the other virtual asset business operator is a business that has been licensed in Korea or abroad and can check information about the customers of other virtual asset business operators.
In addition, in the case of dark coins, which have a high risk of money laundering due to difficulty in determining transaction details, the handling of virtual asset operators is prohibited.
The deadline for reporting suspicious transactions by financial companies, etc., is currently stipulated as’without delay’, but in the future, the person in charge must report it to the FIU within 3 business days from the time the decision is made as’subject to reporting suspicious transactions’.
