Financial Services Commission Summons 20 Cryptocurrency Exchanges... "Providing Consulting"

FIU Holds 'Virtual Currency Exchange Registration Guidance Consulting Meeting'

[Asia Economy Reporter Jin-ho Kim] Financial authorities have convened 20 virtual currency exchanges. The meeting, held for on-site communication and consulting purposes, is the first event since the Financial Services Commission (FSC) was designated as the main government agency for virtual currencies.

According to financial authorities and industry sources on the 3rd, the Financial Intelligence Unit (FIU) under the FSC will hold a private meeting titled "Virtual Currency Exchange Registration Guidance Consulting (tentative)" at 4 p.m. at the Seoul Banking Hall.

It is known that 20 domestic virtual currency exchanges that have obtained Information Security Management System (ISMS) certification will attend the meeting. A financial authority official explained, "This is a concept to explain the 'Virtual Currency Transaction Management Plan' announced by the government on the 28th of last month and to communicate with the field." A representative from a virtual currency exchange said, "We expect to hear the financial authorities' stance on major industry issues."

The meeting is expected to specifically explain the government's position on managing virtual currency exchanges and provide guidance on future institutional improvements. Through on-site Q&A sessions, issues that the industry is curious about are also expected to be discussed.

The FSC plans to provide consulting to encourage prompt registration by the end of September, the deadline for virtual currency operators' registration under the Special Financial Transactions Information Act (Special Act). For registered operators, the FSC intends to minimize consumer damage through management and supervision.