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Crypto
South Korea tightens reporting bar for digital asset businesses, expands screening to major shareholders
From Aug. 20, South Korea will expand screening for digital asset business reporting to cover major shareholders, financial condition, organisation and staffing, and IT facilities. Changes to major shareholders or compliance systems will require advance reporting 30 days before changes, replacing post-change filing. Authorities will broaden criminal history reviews to major shareholders and include additional economic crime laws. They will also scrutinise actual operation of compliance systems and may conduct on-site inspections.
Crypto
South Korea to scrap 1 million won threshold for travel rule, tighten major shareholder screening at digital asset exchanges
South Korea will scrap the 1 million won threshold for applying the travel rule when transferring assets between digital asset exchanges and expand the information-sharing duty to all such transactions. Screening for reporting digital asset operators will broaden to include additional major shareholders, and requirements on financial soundness and social credit will be tightened. Rules will also strengthen controls on dealings with overseas exchanges and personal wallets, and clarify customer due diligence standards.
Crypto
DAXA joins exchanges to prepare for expansion of telecom fraud refund law
The Digital Asset Exchange Alliance (DAXA) said it is supporting non-won digital asset exchanges as South Korea expands the scope of the Telecommunications Fraud Damage Refund Act. DAXA held a policy and practical workshop in Seoul for exchanges that only allow digital asset-to-asset trading without won deposits or withdrawals. The revised law, effective Oct. 1, extends refund targets to digital assets and requires exchanges to carry out relief-related duties, including payment suspensions and refunds.
