Last Full Session for Amendment to Special Reporting Act Tomorrow

After a lengthy deliberation period regarding the amendment to the Act on Reporting and Use of Specific Financial Information has been passed by the Judicial Committee, and will head to a full vote tomorrow. The amendment passed unanimously in the Judicial Committee.

Today the Judicial Committee held a full session in National Assembly to deliberate on the amendment and other laws. The special act is a regulation which is designed to erect firm parameters on how cryptocurrency exchanges and any company accepting or holding cryptocurrency file their holdings and transactions to the government. The main goal of the regulation is to prevent money laundering.

The last full session on the amendment will be held tomorrow and is expected to pass barring any sudden special changes. Seohee Han, a local lawyer pointed out that these types of bills are generally passed without any problem because there isn’t much of a disagreement on it. This implies that the stakes for what the amendment covers are relatively low compared to other concerns.

If the bill is fully passed tomorrow, South Korea will come closer to full FATF compliance. Exchanges will need to be qualified under the new parameters laid out by the amendment. Exchanges in the country will be required by law to obtain a real-name account partnership with an approved bank and an information security management system (ISMS) certificate within 6 months.

This amendment has enjoyed support from across several corners of the regulatory and blockchain fields including the Korea Blockchain Association and the FSC Chairman Sungsoo Eun. Chairman Eun went as far as to say that the introduction of such a system along with legal revisions would increase transparency of the cryptocurrency industry last August.

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