Legislative notice of South Korea's "New Amendment to the Special Act Implementation Regulations": If virtual asset exchanges receive rebates for listing coins, they will be shut down.

The Financial Services Commission of Korea issued a legislative notice on the "Partial Amendment to the Implementation Regulations of the Specified Financial Information Law (Special Financial Information Law)" on February 28, and listened to the opinions of relevant industries as of the 4th. One of the contents included is that if a currency listing rebate is received through a virtual asset exchange, the financial authorities may cancel the virtual asset business authority of the company in accordance with the law. This is a preview of the re-legislation of the Trump Act enforcement order that was revised on the 5th of last month to strengthen all conditions for virtual asset companies. According to the new amendments that have been announced for re-enactment, Korean financial authorities can cancel authority when money or other things of property value are obtained from others through improper methods or money given to others. In addition, if the virtual asset operator does not take measures to cease operations, the financial authorities may take measures to cancel its virtual asset business operator authority. Virtual asset business operators are also obliged to report physical facilities such as anti-money laundering organizations, manpower and computer equipment to the Korean Financial Intelligence Agency. At the same time, South Korean financial authorities are also formulating common guidelines to improve each exchange’s different screening criteria for currency listings. A virtual asset industry official said, “The general guidelines for supporting virtual asset transactions formulated by the Financial Supervisory Commission are about to be released, so it is now difficult for exchanges to launch projects at will.” (Etoday)