Seungbeom Ko: "No Extension for Cryptocurrency Exchange Reporting Period"

National Assembly Political Affairs Committee Confirmation Hearing

Nominee for Financial Services Commission Chairman Ko Seung-beom is attending the confirmation hearing held at the National Assembly on the 27th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Jin-ho] Go Seung-beom, the nominee for Financial Services Commission chairman, reaffirmed his previous stance on the 27th regarding the criticism that the reporting deadline for cryptocurrency operators should be extended, stating, "It is right to keep the schedule to prevent user damage."

Go, attending the confirmation hearing held by the National Assembly's Political Affairs Committee that day, responded to the question from Yoon Jae-ok, a member of the People Power Party, asking, "Do you think the reporting period of one year and six months was sufficient?" with this answer.

Go said, "Considering that extending the period could increase trust protection issues and user damage, the schedule must be kept."

Cryptocurrency exchanges conducting business must obtain Information Security Management System (ISMS) certification and secure real-name deposit and withdrawal accounts (real-name accounts) from banks by the 24th of next month, and complete the reporting process to the Financial Intelligence Unit (FIU) under the Financial Services Commission.

So far, only Upbit has submitted a report to the financial authorities. Other exchanges are facing difficulties not only in obtaining real-name accounts but also in acquiring ISMS certification, raising concerns about a potential wave of closures.

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