📢The Korean Congress recently proposed a bill to implement stricter supervision on virtual asset service providers (VASPs)! 🔍This bill will review the criminal records of major shareholders during the VASP registration approval process to deal with the legal risks of major shareholders of virtual asset companies. This initiative aims to ensure the transparency and credibility of the virtual asset market and bring the virtual asset market into a more stringent regulatory system. 🛡️

In addition, the bill also stipulates that existing virtual asset service providers must report information on major shareholders to relevant authorities within three months, and requires virtual asset companies to update registration information every three years. For existing virtual asset companies, if their major shareholders are found guilty after the law comes into effect, they will be refused registration. 😱

Behind the proposal of this bill is the legal risk of major shareholders of virtual asset exchanges, aiming to improve the compliance and transparency of the virtual asset market. 💼Let us wait and see how this bill will affect the future development of the virtual asset market! 🚀