South Korea Tightens Crypto Exchange Screening

Дата публикации: 14-08-2026 11:11:34

The scope of screening for virtual asset service providers will be expanded from existing representatives and executives to include major shareholders, and substantive verification of financial soundness and internal control systems will be strengthened. The Korea Financial Intelligence Unit (KoFIU)

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The scope of screening for virtual asset service providers will be expanded from existing representatives and executives to include major shareholders, and substantive verification of financial soundness and internal control systems will be strengthened. The Korea Financial Intelligence Unit (KoFIU) and the Financial Supervisory Service (FSS) held the “Explanatory Session on the Revised Reporting Manual for Virtual Asset Service Providers” on Aug. 13 and released detailed guidelines for the revised Act on Reporting and Using Specified Financial Transaction Information, which takes effect on Aug. 20. The overhaul aims to block unsound or unhealthy capital from entering the market and to enhance trust in the virtual asset market.

The centerpiece of the revision is the introduction of a fit-and-proper screening process for major shareholders. Going forward, the screening will cover the largest shareholder, major shareholders holding 10% or more of shares, and specially related persons of the largest shareholder. Where the largest shareholder is a corporation, the screening extends to that corporation’s largest shareholder and representative as well. The scope of review has also been broadened to comprehensively assess not only violations of financial-related statutes but also records of major economic crimes under the Monopoly Regulation and Fair Trade Act and the Punishment of Tax Evaders Act, along with social creditworthiness.

The financial soundness requirements for service providers have also been made more specific. Virtual asset service providers are, in principle, required to maintain a debt-to-equity ratio of 200% or below, and must have no record of debt default over the past three years. However, when calculating the debt-to-equity ratio, user deposits and unsettled balances are excluded from total liabilities. The compliance system review will shift away from the existing document-based verification approach toward on-site inspections to verify whether organizational structures, personnel, and IT infrastructure are actually functioning.

The change-of-report procedure will be tightened from post-facto reporting to prior reporting. Under the existing system, where significant matters such as major shareholders or the compliance system changed, operators were required to report within 14 days after the change; going forward, they must complete prior reporting at least 30 days before the change takes effect. Operators are urged to exercise particular caution, as implementing changes before receiving notification of report acceptance may result in criminal penalties or administrative sanctions.

Small and medium-sized operators have raised concerns over the cost burden associated with expanding personnel and facilities. Under the revised provisions, operators must secure at least 4 dedicated anti-money laundering (AML) staff members and appoint a compliance officer with relevant expertise. In terms of IT infrastructure, operators are required to obtain Information Security Management System (ISMS) certification, as well as to have intrusion prevention systems and data backup systems in place, with servers processing personal credit information mandatorily located domestically. The authorities have decided to permit certain staff members to hold concurrent positions in consideration of the circumstances of smaller operators.

The 28 virtual asset service providers that have already completed their registration are not exempt. Under the transitional provisions, they must complete re-registration in compliance with the revised requirements by Nov. 20. Some requirements, including financial status and personnel, are granted a one-year grace period from the date of implementation, but failure to satisfy the requirements within that period will constitute grounds for ex officio cancellation. For non-custodial wallet service providers, criteria have been established under which they may be excluded from the registration requirement, limited to cases where they do not hold exclusive control over private keys.

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