South Korea Expands Crypto VASP Scrutiny to Major Shareholders Starting August 20

Seoul mandates 30-day advance notice for major shareholder changes, extending regulatory oversight to entities holding 10%+ stakes and affiliated parties under new guidelines.

Woofun AI reports that South Korea will broaden the registration scrutiny scope for virtual asset service providers (VASPs) to encompass major shareholders beginning August 20. The Financial Intelligence Unit (FIU) and the Financial Services Commission (FSS) presented these revised guidelines at a Seoul briefing for current and prospective operators.

Operators are required to notify financial authorities 30 days prior to any changes in major shareholders or legal compliance frameworks. The expanded scrutiny covers the largest shareholder, those holding 10% or more, and shareholders with special ties to the largest stakeholder. If the largest shareholder is a legal entity, its own top shareholders and representatives may also be subject to review.