South Korea Seeks to Ease Crypto Major-Shareholder Disqualification Rules for Minor Violations
- The Financial Services Commission said it is seeking to create an exception that would exclude major shareholders of virtual-asset service providers from disqualification when criminal penalties were imposed under vicarious liability provisions or involved minor violations.
- The FSC said it plans to revise the shareholder qualification screening standards for virtual-asset service providers, drawing on cases under the Capital Markets Act and the Online Investment-Linked Finance Business Act, in response to industry concerns over the amendment to the enforcement decree of the Act on Reporting and Use of Certain Financial Transaction Information.
- The FSC said it will pursue measures including improvements to network separation regulations…
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