Virtual Asset Exchange Reporting Deadline Next Week...ISMS Certification Increases to 40 Companies

[Asia Economy Reporter Park Jihwan] As the deadline for virtual asset business operators to register approaches on the 24th, it has been revealed that a total of 40 companies have obtained Information Security Management System (ISMS) certification.

On the 13th, the government disclosed the status of ISMS certification acquisition by virtual asset business operators and provided recommendations to those planning to cease operations.

According to the ISMS certification acquisition status announced by the government on that day, as of the 10th, a total of 40 virtual asset business operators had obtained ISMS certification. ISMS certification is a system that certifies whether a company's information security management system, including security policies and personnel established and operated to protect key information assets, meets certification standards (administrative, technical, physical), and is one of the requirements for exchange registration approval under the Act on Reporting and Using Specified Financial Transaction Information.

The number of virtual asset trading operators increased by seven since the last disclosure on August 25, rising from 21 to 28. Additionally, 12 virtual asset wallet operators were added. A government official stated, "Considering the remaining time until the registration deadline, it is unlikely that additional virtual asset trading operators will obtain ISMS certification."

Furthermore, the government urged special caution as there have been cases of exaggerated promotion claiming ISMS certification obtained just before the registration deadline on the 24th. Virtual asset users can check the ISMS certification status data on the Korea Internet & Security Agency website.

Among virtual asset business operators, those who do not submit registration by the 24th or fail to secure real-name verified deposit and withdrawal accounts even if they register within the deadline must cease all or part of their operations.

Before confirming business closure, if a virtual asset business operator is not preparing for registration, they must notify customers of this fact through homepage pop-ups or similar means. Additionally, user deposits and virtual assets must be stored and managed separately from the operator’s own assets. Furthermore, procedures for customer prior notification, deposit and virtual asset withdrawal support, and member information processing must be established.

If a decision is made not to register within the deadline or to partially cease operations, and the closure of all or part of the business is confirmed, the scheduled closure date and methods for refunding user assets must be notified to customers at least seven days before the closure date, either publicly or individually.

Immediately after customer notification, new member registration and deposit of deposits and virtual assets must be stopped. Withdrawal of user deposits and virtual assets must be supported through dedicated counters with sufficient personnel for at least 30 days from the business closure date.

Information subject to retention obligations under the Framework Act on National Taxes and other individual laws must be retained for the period prescribed by law, and personal information not subject to retention or past the retention period must be destroyed.

A government official stated, "We plan to actively investigate and prosecute illegal leakage and trading of personal information by virtual asset business operators."

This content was produced with the assistance of AI translation services.