ment 3/5 '20 posted
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Amendment to Special Enforcement Act of 'Incorporation of Cryptocurrency Institutions' Passed the Judiciary Committee
• For example, the AML( Anti-Money Laundering ) and Anti-Financing of Terrorism (AFT) obligations that were assigned only to existing financial institutions should be followed by virtual asset providers (VASPs) that deal with cryptocurrencies such as cryptocurrency exchanges.
• The Parliamentary Judiciary Committee held a plenary session on the 4th and passed a special bill amendment proposed by representative Democratic Party Kim Byung-wook.
• Accordingly, the virtual asset handling business must complete a report to the Financial Services Commission's Financial Information Analyst (FIU) within six months of the enforcement date of the Act. Systemic (ISMS) certification requirements should be obtained.
• Kim said, “The passage of the special funds law has laid the foundation for washing the stigma of cryptocurrency exchanges, fraud, and debauchery, and establishing it as a transparent and reliable industry.” It will bring the development of the industry together. ”




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