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The FIU and FSS revised digital asset business operator (VASP) registration manual took effect on the 20th of last month, and it no longer treats non-custodial wallets such as MetaMask as automatically exempt, with private key handling as the decisive test. If a wallet provider is judged to have any control over users' private keys, it can fall under the Act on Reporting and Using Specified Financial Transaction Information, which raises AML/KYC build-out costs and legal risk for Korean wallet, DeFi front-end, and Web3 app operators and can narrow domestic access to on-chain services on ETH and other smart contract chains. The condition to watch is how the FIU applies the private key control standard in practice through actual filings and guidance, since a broad reading would push some services to geofence Korean users while a narrow reading leaves current business models intact.
As a Policy signal, watch whether it changes price action, volatility, or flows around ETH.
Original Source: 블록미디어
This page is market information analysis, not investment advice.
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