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South Korea Tightens Crypto Licensing Rules with Expanded Scrutiny
South Korea Tightens Crypto Licensing Rules with Expanded Scrutiny
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BTCCSquare news:
South Korea's National Assembly has amended its financial reporting laws to impose stricter licensing requirements on virtual asset service providers. The revised framework grants regulators broader authority to scrutinize crypto firms and their major shareholders for criminal histories, including drug trafficking and tax evasion.
Background checks now extend beyond executives to controlling stakeholders, with the Financial Intelligence Unit gaining discretionary power over license approvals. Conditional permits may be issued with risk-mitigation requirements—a MOVE signaling Seoul's push for institutional accountability without stifling industry growth.
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