Crime News from South Korea: Digital Asset Shareholder Transparency Must Be Disclosed

2026-02-05 13:11:43

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South Korea’s legislature has just decided on serious measures to tighten oversight of the cryptocurrency industry. This decision promotes full transparency in the virtual asset sector, especially regarding the legal backgrounds of major stakeholders.

Transparency Requirements for Virtual Asset Service Providers

Virtual asset service providers in South Korea are now required to disclose the criminal records of their major shareholders. This policy applies to all industry players offering cryptocurrency services, cryptocurrency derivatives, or other digital products. This transparency includes full disclosure of any legal violations committed by key stakeholders.

Preventive Measures Against Money Laundering and Illegal Activities

This new regulation is designed with a clear purpose: to prevent illegal activities within the cryptocurrency ecosystem, including money laundering and other suspicious activities. By ensuring that service providers are managed by individuals with clean records, South Korean regulators hope to strengthen market integrity and protect consumers from risks.

Widespread Support from the National Assembly of South Korea

This regulatory proposal received strong support in parliament. The voting results showed overwhelming approval with 246 votes in favor out of 247 National Assembly members present. This figure reflects broad consensus that tighter oversight of virtual asset service providers is essential to protect public interests and maintain stability in South Korea’s cryptocurrency industry.

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