Establishment of Preliminary Review Procedures for Foreign Exchange Business Registration Requirements

Partial Amendment to the Enforcement Decree of the Foreign Exchange Transactions Act Approved at the Cabinet Meeting

[Asia Economy Reporter Kwangho Lee] The government announced that it approved a partial amendment to the 'Foreign Exchange Transactions Act Enforcement Decree' at the 54th Cabinet meeting held on the 27th.

This amendment to the enforcement decree is intended to establish a prior review procedure for registration requirements related to foreign exchange business as part of the 'Innovation Plan for Foreign Exchange Services through the Expansion of Convergence and Non-face-to-face Services and Promotion of Competition.'

Those who intend to engage in foreign exchange business may request a prior review of some of the registration requirements from the Minister of Strategy and Finance even before fulfilling all the registration requirements, and will be notified of the review results within 20 days from the date of the prior review request.

Through this amendment, it is expected that those who intend to engage in foreign exchange business can shorten the period required for registration as a foreign exchange business handling institution by utilizing the prior review procedure for registration requirements.

In particular, when a newly established corporation intends to conduct foreign exchange business due to the division or merger of an existing foreign exchange business handling institution, it will be possible to start the registration procedure for the foreign exchange business handling institution even before the establishment of the corporation, thereby maintaining business continuity of foreign exchange operations and preventing damage to foreign exchange transaction customers.

Meanwhile, other follow-up measures of the innovation plan for foreign exchange services through the expansion of convergence and non-face-to-face services and promotion of competition, such as allowing consignment and delegation of remittance and exchange tasks and introducing a system for rapid confirmation and exemption of new business regulations, are planned to be completed by early November through amendments to the Foreign Exchange Transaction Regulations.

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