pc
nid 94568
Aug 13, 2026
pthandapani@vixio.com
South Korea
Financial Supervisory Services (FSS) - Press releases
financial services
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1742 charsSouth Korea's Financial Supervisory Services Revises Virtual Asset Business Operator Reporting Manual
On August 13, 2026, the Financial Supervisory Services (FSS) announced a comprehensive revision to the virtual asset business operator reporting manual to align with strengthened regulatory requirements.
The revision follows amendments to the Special Finance Act (effective August 20, 2026) that expand the scope of reporting obligations for virtual asset business operators. The updated manual now requires operators to report on major shareholders' financial soundness, the operator's financial condition, social creditworthiness, organisational structure, personnel qualifications, and information technology infrastructure. These elements were previously outside the reporting framework.
The FSS designed the revised manual to enhance predictability and provide practical guidance for operators preparing and implementing compliance obligations under the strengthened reporting regime. The manual details specific procedures, methodologies, and standards necessary for operators to meet the enhanced requirements. The FSS Financial Intelligence Unit (FIU) Operations Planning Division emphasised that the revisions support market confidence by ensuring virtual asset market growth is accompanied by proportionate anti-money laundering capabilities and consumer protection responsibilities.
To facilitate the transition to the revised reporting requirements, the FSS established a support mechanism through industry associations to address operational questions and concerns. The authority will continue to collect feedback from market participants to identify implementation challenges and refine guidance as needed. The FSS Virtual Asset Supervision Division manages the revised framework and can be contacted for technical inquiries.
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2312 charsSouth Korean Financial Supervisory Service Revises Virtual Asset Business Operator Reporting Manual
On August 13, 2026, the Financial Supervisory Services (FSS) announced a comprehensive revision to the virtual asset business operator reporting manual to align with strengthened regulatory requirements.
The Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS) of South Korea have issued the revised Registration Manual for Virtual Asset Service Providers (VASPs), effective 20 August 2026.
The manual prescribes:
Definition and scope of VASPs defining VASPs as businesses engaging in selling, buying, exchanging, transferring, safeguarding, managing, or brokering virtual assets under the Act on Reporting and Using Specified Financial Transaction Information.
Registration process and review workflow outlining the five-step workflow comprising application submission to the FIU, review delegation to the FSS, examination of qualification requirements, deliberation by the VASP Registration Review Committee, and official notification of the decision.
Core qualification and disqualification criteria establishing mandatory requirements for approval, including Information Security Management System (ISMS) certification, bank-issued real-name deposit and withdrawal accounts for fiat-to-crypto trading, sound financial standing with a debt-to-equity ratio within 200 percent, and clean legal records for representatives, executives, and major shareholders.
Compliance and operational infrastructure requirements mandating adequate organizational staffing (including at least four dedicated anti-money laundering (AML) personnel, a qualified compliance officer, and IT specialists), secure IT and backup facilities, local server storage for personal identification data, and internal control frameworks.
Change registration rules specifying procedures for reporting business changes, requiring prior or post notification within 14 to 30 days depending on the nature of modifications involving executives, major shareholders, real-name accounts, or service scope.
Renewal and ongoing maintenance setting a three-year validity period for VASP registrations, requiring renewal applications to be submitted 45 days prior to expiration, and establishing grounds for ex-officio revocation if maintenance requirements are breached.
The revised manual takes effect on August 20, 2026.