Review scope expands to major shareholders; South Korea to implement new crypto operator registration review rules starting August 20

Odaily News: The Korea Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS) held an information session in Seoul on August 13 for virtual asset service providers and potential operators, and published the revised registration handbook. The review targets include not only the largest shareholders and major shareholders holding more than 10% of shares, but also shareholders with special affiliations with the largest shareholder. If the largest shareholder is a corporation, the corporation's largest shareholder and representatives may also be included in the review scope. If major shareholders or the company's legal compliance framework undergo changes, operators must notify financial authorities 30 days in advance.