South Korea Delays Credit Information Law for Virtual Asset Providers

According to PANews, South Korea's financial regulatory authorities have decided to postpone the enforcement of the Credit Information Act for virtual asset service providers (VASPs) until December 1, 2025. Previously, the Financial Services Commission classified cryptocurrency user transaction data as 'credit information,' requiring crypto exchanges to comply with the law. However, due to insufficient preparation time for the industry, the Financial Supervisory Service has opted not to penalize related violations during the grace period, except in cases of intentional or gross negligence.