Korea Blockchain Association "Welcome Completion of Virtual Asset Service Provider Registration Review... Need to Consider Issuing Real-Name Accounts"
24 Virtual Asset Service Providers Pass Registration Review
[Asia Economy Reporter Gong Byung-sun] The Korea Blockchain Association welcomed the completion of the virtual asset service providers’ registration review by the Financial Intelligence Unit (FIU) under the Financial Services Commission, while expressing the opinion that the issuance of real-name accounts should be proactively considered.
On the 24th, Oh Gap-su, chairman of the Korea Blockchain Association, commented on the FIU’s review results of virtual asset service providers’ registration, saying, “We welcome the completion of the registration review schedule despite the tight timeline,” and added, “Our industry will accelerate its steps toward full integration into the institutional framework.”
In September, 42 companies registered as virtual asset service providers with the FIU ahead of the enforcement of the amendment to the Act on Reporting and Using Specified Financial Transaction Information. Among them, 24 companies passed the review, including 19 exchanges and 5 wallet and custody service providers. Among these, Korea Blockchain Association members include 17 exchanges and 1 wallet service provider.
However, the Korea Blockchain Association also expressed some regrets. Chairman Oh said, “During the registration process, many exchanges were fully capable but failed just before the issuance of real-name accounts,” and added, “Since the initial registration approval has been completed, it is now necessary for the financial authorities and banking sector to proactively improve their perception regarding the issuance of real-name accounts.”
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Regarding the financial authorities’ stance that registered service providers do not necessarily mean safe operators, the Korea Blockchain Association stated its commitment to its original role. Chairman Oh said, “This explanation from the authorities is the reason for the existence of the Korea Blockchain Association and the highest value the association pursues,” and added, “The association has prioritized investor protection and the establishment of market order.”
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