Gopax Becomes Fifth KRW Cryptocurrency Exchange

Financial Intelligence Unit Approves Gopax and PayProtocol Reports
PayProtocol Approved as Virtual Wallet Operator
Affiliate Must Report Change to Virtual Operator Status

[Asia Economy Reporter Ji Yeon-jin] The Financial Intelligence Unit (Director Kim Jeong-gak) announced on the 21st that it has decided to approve the change report for the KRW market operations of the cryptocurrency exchange Gopax.

Gopax received a real-name verified deposit and withdrawal account from Jeonbuk Bank on the 15th and submitted a change report to the Director of the Financial Intelligence Unit on the 7th of last month.

The Financial Intelligence Unit stated, "Based on the results of on-site inspections, document reviews by the Financial Supervisory Service, and discussions by the Virtual Asset Business Operator Review Committee, we have decided to approve Gopax's change report," adding, "the commencement date of KRW market operations following the change report will be determined according to the business operator's system restructuring and operational preparation status."

The Financial Intelligence Unit also decided to approve the virtual asset business operator registration of Pay Protocol. However, during the review process, it was found that the payment business structure involves affiliated companies buying and selling virtual assets used in payments during the distribution process, thus classifying them as virtual asset business operators requiring registration.

Pay Protocol submitted a registration application to the Financial Intelligence Unit on September 24th last year as a virtual asset wallet and custody operator. Users purchase goods at affiliated stores using virtual assets issued by Pay Protocol, and payments are distributed through affiliated companies.

The Financial Intelligence Unit stated, "To continue payment operations under the current business structure, affiliated companies must also register as virtual asset business operators under the Special Act on Reporting and Using Specified Financial Transaction Information (Special Act on Financial Transactions). Failure to register may result in criminal penalties or sanctions for unregistered operations," adding, "in the future, if preparing virtual asset payment services with similar business structures, registration as a virtual asset business operator under the Special Act on Financial Transactions is required."

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