South Korea’s Financial Services Commission (FSC) is seeking legal amendments that would make it mandatory for virtual asset service providers (VASPs) within the country to report the names of their customers.
According to a press release from the financial watchdog on Wednesday, a proposed update to the Act on Reporting and Using Specified Financial Transaction Information is aimed to help guard against money laundering.
The act defines VASPs as “business entities that engage in the purchase and sale of virtual assets, exchanges between virtual assets,” as well as custodians, digital wallet service providers and brokerages.
