South Korea’s financial regulator postpones implementation of the Credit Information Act on crypto exchage until December

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MarsBit
04-11
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Mars Finance News, according to Digital Today, the Korean financial regulatory authority has decided to postpone the enforcement of the Credit Information Act's applicable obligations for virtual asset service providers (VASP) until December 1, 2025. Previously, the Financial Services Commission defined crypto user transaction information as "credit information", requiring crypto exchanges to comply with the law. Considering the insufficient preparation time for the industry, the Financial Supervisory Service decided not to impose penalties for related violations during the grace period, except in cases of intentional or gross negligence.

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