• {{ market.title }}
    {{ market.ticker.yesterday_vs_sign }}{{ number_format(market.ticker.yesterday_vs_rate, 2) }}%

Many virtual asset operators (VASPs) may disappear from South Korea by September 24. This is because virtual asset-related business are no longer allowed if VASP reports are not made by the expiration date of the grace period for the revised Specific Financial Transaction Information Act (Special Act).

 

 

특금법.jpg

Virtual asset business operators must file a VASP report before the expiration of the grace period of the Special Act

 

The most urgent problem is the issuance of real-name accounts

Under the Special Act amendment, virtual asset operators must be issued with real-name accounts through banks to file VASP reports.

Both ISMS (Information Protection Management System) certification and AML (Anti-money Laundering)/CFT (Combating the Financing of Terrorism) are conditions for issuing real-name accounts and VASP.

ISMS is the certification of information protection systems of companies and institutions. This means that an entity dealing with a virtual asset has proven to be well protective of important information, such as customer information or entity information.

AML/CFT is based on FATF's recommendations, and it is a system that must be built in order to prevent it from being used for crimes or inflow of terrorist funds due to the nature of virtual assets that are transacted on the network.

There are more requirements for issuing real-name accounts and variables at the discretion of banks, but the most time-consuming parts are ISMS and AML/CFT. Therefore, many virtual asset operators are rushing to prepare for these.

 

How virtual asset operators going?

The banking sector has begun reviewing real-name accounts of Bithumb, Coinone, Korbit and Upbit, four largest virtual asset exchanges in Korea. These exchanges are reportedly going through the "required requirements check" stage in accordance with the "risk assessment measures" guideline prepared by the banking sector, led by the Korea Federation of Banks.

 

In this stage, banks will verify ISMS certification, a breach of the law or bankruptcy, rehabilitation, suspension history, exchange representatives, embezzlement, fraud, and external hacking by documents or inspect.

 

4대거래소.jpg

The four major virtual asset exchanges have begun reviewing contracts for real-name accounts

 

The four major exchanges have begun reducing risks with the aim of reissuing real-name accounts and even reporting VASP. In the case of Upbit, it has started to delist large-scale coins, and Coinone has also started to secure transparency by disclosing detailed standards for listing and award screening. Bithumb has completed necessary measures such as withdrawing its account after receiving a pledge that prohibits executives and employees from investing in Bithumb.

They are likely to pass the renewal of their real-name accounts. However, the problem is virtual asset businesses that have not yet received a real-name account.

As of May 13, only 20 virtual asset businesses have obtained ISMS certification. Since it is so essential that it is called an "admission ticket to issue real-name accounts," many virtual asset businesses are putting their life and soul into it.

However, 381 items must be passed to acquire ISMS certification. To this end, there is a lot of work to be done, such as building information security infrastructure and putting in charge of personnel, and of course the cost is too high.

 

고팍스.png

Billions of won will be spent on developing its own security systems and technologies.

In the case of Gopax, about 7 billion won was reportedly spent on ISMS and ISO27001 certification and operation

 

Therefore, most virtual asset operators prefer to purchase and apply external solutions that cost around KRW 50 million to KRW 100 million.

 

Foblgate announced that it has established an information protection system such as solving hacking problems by collaborating with 'Haechi Labs', a blockchain security authentication solution company, to verify smart contract technology. Foblgate plans to start ISMS certification through this.

 

코코로고.jpg

Coco Entertainment Korea is preparing to obtain a real-name account and finally file a VASP report by establishing an

ISMS authentication and AML/CFT system through an external solution company

 

Coco Entertainment Korea, which is preparing for a virtual asset exchange, is receiving consulting on ISMS certification and AML/CFT system establishment to apply them until mid-September. In particular, the multi-sig wallet (Multi-signature: technology corresponding to the special electronic signature method, which prevents forgery and denial of data, checks the integrity of messages, and performs authentication) is required for ISMS authentication. The wallet solution 'Octet' of security company 'Hexlant' will be used. Coco plans to further strengthen data security through this solution.

Along with strengthening online security, Coco will also strengthen offline security. The central control security solution, CCTV, and access control system are provided through the security company 'ADT Caps'.

At the same time, Coco is spurring the establishment of the AML/CFT system. Through a contract with a digital security company ‘Okta Solution’, AML/CFT solutions such as anti-money laundering training for employees are provided and applied.

 

Coco Entertainment Korea is aiming to obtain a real-name account through ISMS authentication and AML/CFT solutions, and finally VASP report.

 

TOTAL732
NO Subject 썸네일 Date Created
692 미국 재무부 장관 "스테이블 코인 규제 방안 신속히 마련 해야" 2021.07.20
691 마인드 바이러스, NFT 기술 적용 레이싱 게임 ‘핌 라이드’ 하반기 출시 2021.07.20
690 페이팔, 미국 고객 대상 암호화폐 구매한도 5배 확대 2021.07.16
689 돌체앤가바나, NFT 독점 컬랙션 출시 2021.07.16
688 브라질, 비트코인 이어 이더리움 ETF도 승인 2021.07.15
687 빗썸 단일 최대주주 비덴트, 위메이드와 전략적 제휴 체결 2021.07.15
686 What is Travel Rule? 2021.07.15
685 국내에서도 비트코인 ETF 가능해지나? 권은희 의원 자본시장법 개정안 발의 2021.07.14
684 테더 창업자 "NFT 모든 소비자 제품 인증서로 쓰이는 시대 올 것" 2021.07.14
683 은성수 "내국인 상대 영업 해외 거래소 VASP 신고 대상" 2021.07.13
682 인도, 개인 암호화폐 소유 금지 법안 곧 상정 예정 2021.07.13
681 플레이댑, 도저버드 for LINE Blockchain 일본 구글 플레이 스토어에 정식 출시 2021.07.09
680 산마리노, NFT 활용한 국가 그린패스 승인 "시민의 자유로운 이동 보장할 것" 2021.07.09
» With less than three months remaining the grace period of the Special Act, what is the current situation of virtual asset providers? 2021.07.08
678 NFT 게임 일러스트, 위믹스 옥션에서 총 6,343만 원에 낙찰 2021.07.08
677 빗썸, 외국인 회원가입 제한... 자금세탁방지 강화 2021.07.08
676 키인사이드, ‘노느니특공대엔터테인먼트’에 전략적 투자 "메타버스 및 NFT 관련 공동 사업 추진" 2021.07.07
675 이더리움 대형 업그레이드 '런던 하드포크' 8월 4일 예정 2021.07.07
674 중국 암호화폐 채굴금지로 채굴수익 상승? "BTC 채굴 난이도 하락" 2021.07.07
673 런던 하드포크 영향? 이더리움 상승국면 "BTC 대비 40% 오를 것" 2021.07.06