South Korea to expand crypto operator reviews to major shareholders from Aug. 20

South Korea will expand its virtual asset service provider registration review to cover major shareholders starting Aug. 20, News1 reported. If there is a change in a major shareholder or in a company’s legal compliance framework, the operator must notify financial authorities 30 days in advance. South Korea’s Financial Intelligence Unit and the Financial Supervisory Service unveiled the revised registration manual at a briefing in Seoul on Aug. 13 for virtual asset service providers and prospective operators. The review will cover not only the largest shareholder and major shareholders with stakes of 10% or more, but also shareholders who are specially related parties of the largest shareholder. If the largest shareholder is a corporation, the corporation’s largest shareholder and representative may also be subject to review.