South Korea's FSC Seeks Stricter Oversight Of Crypto Exchange Shareholders

According to PANews, the South Korean Financial Services Commission (FSC) is actively working on amending laws to enforce stricter scrutiny of major shareholders and governance of cryptocurrency exchanges. Currently, under existing laws, including the Virtual Asset User Protection Act, the FSC lacks the statutory authority to review shareholders. During a recent parliamentary audit, FSC Chairman Kim Byoung-hwan announced that an amendment to the Act on Reporting and Using Specified Financial Transaction Information has been submitted. This amendment aims to provide the FSC with the legal basis to assess the qualifications of major shareholders.