South Korean regulators push for qualification review of major shareholders of crypto exchanges

Odaily Planet Daily News The Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission recently established a working group to reform the reporting requirements for crypto exchanges. One of the reporting contents that the working group is currently focusing on is reviewing the qualifications of major shareholders. Major shareholder qualification review is a process by which the Korean government regularly checks whether major shareholders meet the qualifications to operate a financial company. Through this initiative, FIU plans to prevent major shareholders from engaging in illegal activities, thereby preventing these illegal activities from having a significant impact on the crypto trading business and preventing damage to users. The newly revised requirements are expected to be included in the crypto exchange update reporting project from October next year, which is the standard for determining the future operations of existing exchanges such as Upbit, Bithumb, and Coinone. (Newsis)