Virtual Asset Industry Faces Key Shareholder Test in 2024 Amid Growing Regulation

In 2024, a test for significant shareholders in virtual asset businesses will be introduced for registration renewal, under new financial transaction reporting laws. These significant shareholders are those with 10%+ ownership or influence over management decisions, allowing them to shape business operations. Regulatory authorities and the National Assembly are enhancing the qualification process, marking the industry’s institutionalization. Importantly, Ohoon Kwon, a partner attorney at Cha & Kwon Law Offices, notes that major shareholders can continue operations post-conviction if they comply with financial laws.

URL : Virtual Asset Industry Faces Key Shareholder Test in 2024 Amid Growing Regulation