The Korean Council of State passed amendments to the Act on Encryption of Asset Specific Financial Information

The Korean Council of State has adopted amendments to the Enforcement Orders of the Specific Financial Information Act to extend the transfer of encrypted assets from the current level to more than 1 million won to all transfers to prevent the circumvention of controls over split transactions. At the same time, the new regulations tighten VASP access, expand the scope of the review of large shareholders and increase financial requirements, such as a new liability rate of no more than 200 per cent, and transfers to overseas exchanges and individual wallets will be managed in a differentiated manner by risk class and high-risk transactions may be prohibited. The relevant provisions will be implemented six months after their publication。