Republic of Korea: Opened Consultation on the Amendment of the Enforcement Decree of the Specialized Credit Financial Business Act

Description

Opened Consultation on the Amendment of the Enforcement Decree of the Specialized Credit Financial Business Act

On 4 January 2024, the Financial Services Commission (FSC) of the Republic of Korea opened a consultation on the amendment of the “Enforcement Decree of the Specialized Credit Financial Business Act” until 13 February 2024. The amendment aims to diversify the funding methods of specialised credit financial companies and includes provisions on the prohibition of credit card payments to overseas virtual asset exchanges. Presently, the FSC noted, domestic cryptocurrency exchanges adhere to regulations that restrict transactions between virtual assets to deposit and withdrawal accounts, requiring user identity verification. However, these regulations do not extend to foreign cryptocurrency exchanges.

Original source

Scope

Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2024-01-04
in consultation

On 4 January 2024, the Financial Services Commission (FSC) of the Republic of Korea opened a consul…

2024-02-13
processing consultation

On 13 February 2024, the Financial Services Commission of the Republic of Korea closed its consulta…

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