South Korea imposes new disclosure requirements on virtual asset service providers
2024-06-24 10:19:33
On June 24th news, South Korean virtual asset service providers (VASPs) must now disclose comprehensive information, including details such as their organization, employees, and facilities, in order to comply with cryptocurrency regulations. VASPs must also report information on major shareholders. In addition, they will also be required to submit updates on any changes to such information within a specific time frame. The regulations will further clarify the criteria that banks must follow when issuing real-name bank accounts to VASPs, aiming to reduce risk. The regulations will come into effect on June 27th.
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