1. Reason for Amendment

The purpose is to prescribe matters delegated to the subordinate Enforcement Decree by the amended Act as the 「Act on the Reporting and Utilization of Specific Financial Transaction Information (hereinafter referred to as the "Specific Financial Information Act")」 has been amended (Act No. 21358), and to amend necessary matters such as other restructuring of articles.

2. Main Contents

A. Specificity of the Scope of Major Shareholders of Virtual Asset Service Providers (Article 4 of the Draft) 

It specifically prescribes the scope of major shareholders and specially related persons.

B. Specificity of Reporting Matters Related to Major Shareholders (Article 10-11 of the Draft) 

It prescribes the reporting matters related to major shareholders as the real name and stock holding status of major shareholders, and when the largest shareholder is a corporation, the largest shareholder and the representative of the corporation are added to the scope of major shareholders subject to reporting.

C. Specificity of Requirements for Non-Acceptance of Reporting (Article 10-12 of the Draft) 

It specifically prescribes matters regarding sound financial status and social credibility requirements, organization and personnel, computer equipment, and internal control systems, which constitute grounds for non-acceptance of reporting upon failure to meet them.

D. Specificity of the Person Notifying Disciplinary Measures Against Retirees and the Method Thereof (Article 15, Paragraph 4 of the Draft) 

It rules that for a part of the disciplinary measures against retirees, the inspection trustee shall be entrusted to notify them.

E. Abolition of the Threshold Amount for Providing Information upon Transfer of Virtual Assets (Article 10-10 of the Draft) 

It abolishes the threshold amount (1 million KRW) for which information must be provided upon the transfer of virtual assets.

F. Provisions on the Obligation to Receive Information When Transferring in Virtual Assets (Article 10-20, Subparagraph 6 of the Draft) 

It prescribes the information receipt obligation of a virtual asset service provider that transfers in virtual assets, and rules that necessary measures shall be taken if the information is not provided.

G. Imposition of Anti-Money Laundering Obligations When Trading with Overseas Virtual Asset Service Providers and Personal Wallets (Article 10-20, Subparagraphs 7 and 8 of the Draft) 

It prescribes obligations to be complied with for anti-money laundering when a domestic virtual asset service provider conducts transfer transactions with overseas virtual asset service providers and personal wallets.

H. Restructuring of the Customer Due Diligence System (Article 10-2 of the Draft) 

It clarifies the concepts regarding customer due diligence and cases where there is a concern of money laundering.