South Korean financial authorities will introduce a "review suspension system" for virtual asset service providers

ChainCatcher news, according to News 1, financial authorities are introducing a system to suspend the review of virtual asset service providers (VASP), aimed at providing reasons for the suspension of reviews. The launch of this plan is due to administrative inefficiency, as there have been instances of excessively long review times since last year.

The financial intelligence agency has also established a "Virtual Asset Business Reporting Review Committee." Currently, the committee operates only as an advisory body, but by stipulating the committee in the "Implementation Order of the Virtual Asset User Protection Act," the financial intelligence agency plans to further improve the virtual asset business reporting system. An official from the financial intelligence agency stated, "We are currently preparing the groundwork to detail the reporting system for virtual asset enterprises and will disclose it through legislative previews."