ment 3/6 '20 posted
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Special Money Act, National Assembly Final Pass… Incorporation of cryptocurrency rights
• At the plenary session on the afternoon of May 5, a partial amendment of the law (alternative bill) on the reporting and use of specific financial transaction information is being passed.
• The revised special law is mainly to grant anti-money laundering (AML) and anti-terrorist financing (CFT) obligations to virtual asset providers (VASPs) such as cryptocurrency exchanges.
• Under the Special Act, a virtual asset business operator must report to the Financial Services Bureau of Financial Information Analysis (FIU) with ① 'real name verification deposit and withdrawal account service' (Virtual Currency Transaction Real Name System) and ② information security management system (ISMS) certification.
• The Special Act specifies that it shall be a seller of virtual assets if a virtual asset is sold, bought, exchanged, transferred, stored or managed.




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3/6 '20 answered
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