Naver: "Restrictions on blog posts promoting unregistered virtual asset service providers"
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Summary
- Naver said it is taking restrictive measures, in line with its service operation policy, against blog posts promoting unregistered virtual asset service providers.
- Naver said posts that could potentially violate the Act on Reporting and Using Specified Financial Transaction Information may be subject to measures such as limiting blog post exposure or restricting use.
- The Financial Intelligence Unit (FIU) under the Financial Services Commission previously urged caution, identifying the promotion or brokering of unregistered virtual asset service providers as a major type of illegal activity.
Naver said it is taking restrictive measures, in line with its service operation policy, against blog posts that promote unregistered virtual asset service providers (VASPs).
According to the industry on the 19th, Naver said that if posts advertising or promoting unregistered VASPs could potentially violate the Act on Reporting and Using Specified Financial Transaction Information, they may be subject to measures such as limiting exposure of blog posts or restricting use. The action is based on the assessment that there may be illegality under the Act.
Naver, however, said this measure is not a special response limited only to unregistered VASPs. It applies the same standards across all content with potential illegality, explaining that promoting unregistered operators that could violate the Act also falls into that category.
This type of post restriction is said to have been in place even before the Financial Intelligence Unit (FIU) under the Financial Services Commission publicly warned last December against promotional or brokerage activities for unregistered VASPs. Previously, the FIU urged caution, identifying as a major type of illegal activity the promotion or brokering—via blogs or social media—of virtual asset operators that have not filed reports in Korea.
