South Korea passes law to vet crypto firm shareholders for criminal records

An amendment to South Korea's Act on Reporting and Using Specified Financial Transaction Information, which requires virtual asset service providers (VASPs) to report the criminal records of their major shareholders to authorities, passed the National Assembly's plenary session on Jan. 29, MTN News reported. The legislation, aimed at preventing crypto firms from being used for illicit activities like money laundering, was approved with 246 votes in favor and one abstention out of 247 members present.