In 10 locations by the 24th, the deadline for reporting virtual asset operators in accordance with the Act on the Reporting and Use of Specific Financial Transaction Information of business has filed a report with the financial authorities. Virtual asset operators (virtual currency exchanges, wallet operators, etc.) who have not reported by this day must stop operating from tomorrow.
According to the Financial Intelligence Unit (FIU), as of 3 p.m. on the same day, a total of 15 out of 66 exchanges in the market completed a report to the FIU.
Four major exchanges including Upbit (Dunamu), Bithumb (Bithumb Korea), Coinone (Coinone), and Korbit (Korbit) and 5 including Flybit (Korea Digital Exchange) are on Chuseok Reported before the holidays. On the previous day, 5 additional companies submitted report documents, following the previous 5 companies including B-block (Graybridge), OK-BIT (OK-Bit), Gdac (Peertech), Prabang (Prabang), and Flat ThaiX. received The FIU accepted the report on Upbit, the first to submit the report.
In addition to As a storage manager, 4 additional companies reported on the same day following Korea Digital Asset and Gambler, and a total of 6 companies completed the report.
According to the Special Act, virtual currency exchanges must obtain ISMS certification, secure a real-name deposit and withdrawal account (real-name account), and report to the authorities in order to continue their service. Except for the four major exchanges that have secured real-name accounts, the rest of the exchanges stop operating the won market and operate only the coin market. Exchanges operating as coin markets should induce customers to withdraw money in Korean Won. Exchanges that do not submit a report must terminate their service from the 25th.
FIU said, An asset business operator can be punished by a fine of not more than 50 million won or imprisonment for not more than 5 years,” he said.
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