Financial Services Commission to Prepare Detailed Guidelines for Corporate Market Participation in Q3... Strengthening Anti-Money Laundering Measures

The Financial Services Commission has announced that it will prepare detailed guidelines for listed companies and professional investors to participate in the virtual asset (cryptocurrency) market within the third quarter of this year.

On the 12th (KST), Kim So-young, Vice Chairman of the Financial Services Commission, stated through a 'Virtual Asset Industry Roundtable' held at the Government Seoul Complex, "Corporate participation in the virtual asset market requires the industry and market to work together to create best practices." She added that detailed guidelines for market participation by non-profit corporations and virtual asset exchanges would be prepared by April.

Vice Chairman Kim emphasized the need to create a sound market. She said, "Banks and virtual asset exchanges must devise thorough and meticulous anti-money laundering measures," adding, "We need to check whether the corporate customer verification and transaction monitoring systems need to be supplemented to reflect international standards."

Furthermore, she stressed that virtual asset exchanges and DAXA should focus on establishing smooth IT systems and strengthening security measures, adding, "Corporations participating in the virtual asset market must also have appropriate internal control mechanisms." She mentioned minimum internal control standards including acceptable virtual assets for non-profit corporations, operation of deliberation bodies, trading processes for professional investors, and transaction disclosures.

She also mentioned that the government is accelerating the establishment of virtual asset regulations. Vice Chairman Kim said, "Global discussions on virtual asset institutionalization are gaining momentum. The government is also speeding up the establishment of virtual asset regulations," and revealed that they have begun preparing a second-phase integrated law covering stablecoins, business operators, and transaction regulations, in addition to the Virtual Asset User Protection Act.

She continued that they are actively supporting discussions on capital market law amendments to reorganize the regulatory framework for token securities issuance and distribution, adding, "We will continue communication by regularizing market roundtables in the future."

Banking and virtual asset industry representatives who attended the roundtable expressed their willingness to cooperate actively. The Banking Association stated, "We will actively cooperate with relevant institutions to supplement the anti-money laundering system," and "We will support the preparation of detailed guidelines needed in the corporate market participation process."

A DAXA representative said, "We will support strengthening anti-money laundering systems and improve our self-regulatory measures to focus on user protection and market stability."

Meanwhile, this roundtable was attended by various industry representatives including the Ministry of Economy and Finance, Financial Supervisory Service, DAXA (Digital Asset Exchange Alliance), and domestic exchange representatives.