South Korea will expand the scope of registration review for virtual asset service providers from August 20th

According to News1, South Korea will expand the registration review scope of virtual asset service providers (VASP) to major shareholders from August 20th. If there are changes in the legal compliance framework of major shareholders or companies, operators must notify the financial authorities 30 days in advance. On August 13th, the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS) of South Korea announced the revised registration manual at a briefing held in Seoul. The review targets include the largest shareholder, major shareholders holding more than 10% of the shares, and shareholders with special connections to the largest shareholder. If the largest shareholder is a legal entity, the largest shareholder and representative of the legal entity are also included in the review scope.