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Regulators gain wider discretion to vet shareholders, finances and controls as South Korea tightens crypto market access.South Korea’s National Assembly has approvedRegulators gain wider discretion to vet shareholders, finances and controls as South Korea tightens crypto market access.South Korea’s National Assembly has approved

South Korea tightens crypto licensing rules for exchanges and shareholders

Author: Coinstats

Source: Coinstats

2026/01/29 18:03

1 min read

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News Brief

South Korea's National Assembly has approved sweeping reforms to cryptocurrency licensing regulations, significantly raising the bar for virtual asset service providers seeking market entry. These amendments to the Act on Reporting and Using Specified Financial Transaction Information notably strengthen the nation's anti-money laundering infrastructure for digital assets, with implementation set six months post-enactment. Under the new framework, regulators will scrutinize not only company executives but also principal shareholders and controlling entities. Moreover, the scope of disqualifying offenses has expanded dramatically—extending far beyond traditional financial crimes to encompass drug trafficking, tax evasion, fair-trade breaches, major economic violations, and crypto user protection infractions. Consequently, authorities now wield considerably broader authority to examine applicants' backgrounds, financial standing, and operational oversight mechanisms.

Regulators gain wider discretion to vet shareholders, finances and controls as South Korea tightens crypto market access.

South Korea’s National Assembly has approved an overhaul of the country’s crypto licensing regime, tightening entry requirements for virtual asset service providers (VASPs) and expanding scrutiny to include controlling shareholders.

South Korea tightens crypto licensing rules for exchanges and shareholders

On Thursday, lawmakers passed an amendment to the Act on Reporting and Using Specified Financial Transaction Information, a cornerstone of Korea’s Anti-Money Laundering (AML) framework for digital assets. The committee substitute bill was approved at a plenary session and is expected to take effect six months after the law is enacted.

The new rules widen background checks for crypto firms applying to operate in South Korea. Regulators will now vet not just company executives but also major shareholders. The list of red flags has also grown, extending beyond financial crimes to include offenses such as drug trafficking, tax evasion, fair-trade violations, serious economic crimes and breaches of the country’s crypto user protection law.

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