According to PANews, South Korea's Financial Services Commission (FSC) has proposed amendments to the Specific Financial Information Act (SFIA) on February 28th, which could lead to the revocation of virtual asset business licenses for companies engaging in unfair practices. The FSC has been accepting opinions from relevant industries until March 4th.
One of the proposed changes includes the possibility of canceling a company's virtual asset business license if they receive listing kickbacks through virtual asset exchanges. This comes after the SFIA was amended last month to strengthen the requirements for virtual asset companies.
Under the newly announced amendments, the financial authorities can revoke licenses if money or other property of value is obtained from others through unfair means or given to others. Additionally, if virtual asset operators do not take measures to cease operations, the financial authorities can cancel their virtual asset business operator licenses. Virtual asset business operators are also obligated to report anti-money laundering organizations, personnel, and physical facilities such as computer equipment to the Korean Financial Intelligence Unit.