Crypto Special Act Amendment Passed: Will Regulatory Risks for Naver and Dunamu Ease?
The regulatory uncertainty for crypto-related companies like Naver and Dunamu is easing due to the new exception clause in major shareholder eligibility screening, bringing relief to the market.
The amendment to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information (Special Act), which regulates Virtual Asset Service Providers (VASPs), officially passed the cabinet meeting on August 11. As the major shareholder eligibility screening standards have been relaxed, the regulatory risks for related companies like Naver and Dunamu (Upbit), which have been suffering from uncertainty, are expected to be significantly resolved.
3 Key Points of the Special Act Amendment
The passed amendment will take effect on the 20th and focuses on rationalizing regulations reflecting industry realities while enhancing transparency in the virtual asset market.
- Exception for Major Shareholder Eligibility: When registering as a VASP, exceptions allow for the acceptance of registrations if a major shareholder's violation is minor or penalized under joint penal provisions.
- Easing of Suspicious Transaction Report (STR) Duties: The controversial blanket reporting requirement for virtual asset transfers of over 10 million won has been withdrawn. Instead, exchanges must establish their own internal management systems.
Market Impact and Outlook
The industry evaluates that this measure will provide breathing room for major domestic virtual asset operators previously hampered by major shareholder risks. In particular, Dunamu (operator of Upbit) and major big tech companies like Naver can shake off business uncertainties and accelerate the promotion of new businesses.
FAQ: Frequently Asked Questions
Q. How does this amendment affect existing crypto exchange users?
A. With the uniform suspicious transaction reporting on transfers over 10 million won changing to exchange self-management, normal virtual asset transfers and trading for general investors are expected to become smoother.
Q. Why is the major shareholder eligibility exception considered good news?
A. Previously, even a minor history of legal violations by a major shareholder posed a risk of VASP registration being denied. The new exception clause eases such mechanical regulations, ensuring the stable operation of major exchanges.