The Financial Services Commission (FSC) of South Korea has unveiled a revised reporting system for virtual asset service providers (VASPs). This action aims to strengthen the regulatory framework for recruiting executives and representatives in the crypto industry.
The new regulations require a stringent recruitment process by the authorities before the official appointment of new executives, thereby filling the loopholes in the current system that enabled unqualified people to take up essential positions without due diligence.
FSC’s Stricter Oversight on Executive Appointments
At the center of this regulatory change is the provision for all VASPs to secure approval from the Financial Intelligence Unit (FIU) before any alteration to the executive or representative officer of any VASP organization can be effected.
This is aimed at ensuring that situations witnessed where companies such as the Gopax exchange would have frequent leadership changes without proper regulatory scrutiny w
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