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In the future, virtual asset business operators must prepare internal business guidelines related to business closure in advance and submit a user protection plan following business closure to the financial authorities at least one month prior to the business closure date.
The Financial Services Commission's Financial Intelligence Unit (FIU) and the Financial Supervisory Service took follow-up measures on the 4th as a result of a 'joint on-site inspection by related agencies' conducted on 10 virtual asset business operators whose operations were closed or suspended from May 20 to the 23 of the same month. It was stated like this.
The authorities notified the investigative agency of a total of five businesses that violated reporting obligations under the Specific Financial Information Act by failing to report changes in executives and workplaces reported to the FIU, and shared detailed information and business status related to the 10 businesses.
The authorities revised the guidelines related to business closure based on the results of this on-site inspection.
According to the guidelines, virtual asset business operators must prepare internal business guidelines related to business closure in advance.
Internal business guidelines related to business closure include advance notice of business closure, individual guidance to users, support for withdrawal of deposits and virtual assets, withdrawal fees, preservation and destruction of member information, and methods for handling stored user assets.
After confirming the closure of business, you must first report the planned closure of business to the authorities by phone at least one month in advance and submit a 'user protection plan following business closure'.
The closure of business must be announced on the Internet website, mobile app, etc. at least one month before the business end date, and details such as user asset withdrawal method, normal withdrawal period, withdrawal fee, etc. must be provided.
Even if business is terminated, withdrawal of user deposits and virtual assets must be supported in the same manner as at the time of business for at least three months.
If there are unreturned user assets even after 3 months from the end of business, the operator stores the assets in a safe manner that is not exposed to security incidents such as hacking and notifies the financial authorities once a week of the status of the user's stored assets.
The financial authorities emphasized that “virtual asset business operators do not lose their business status just by terminating their own business, so if there are changes to reported matters such as executives or workplaces even after the end of business, they must fulfill their obligation to report changes under the Specific Financial Information Act.” . He continued, "If a business that has caused damage to users due to business closure, etc. applies for a business renewal report after the second half of this year, matters related to business closure will be strictly reviewed within the scope permitted by relevant laws in order to prevent damage to users and maintain a sound transaction order. “I will,” he added.
