Virtual Asset Renewal Reporting Update: Preliminary Data Submission Requested

IconCryptoNewsTerminal Staff29 Jul, 2024

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Virtual Asset Renewal Reporting Update: Preliminary Data Submission Requested

In a move to enhance the screening process for virtual asset operators, financial authorities have implemented a new requirement for "preliminary data submission," according to News1. Operators must now submit their reporting documents three weeks to three months prior to the renewal reporting date. This preliminary submission applies to all major operators, including Upbit (Dunamu), KOBIT, Coinone, Bithumb, and GOPAX. Upbit, which is first in line for renewal, has until this month to complete the preliminary submission. Industry insiders have expressed concern over this new requirement, noting that operators are feeling pressured as they have been preparing for the renewal reporting period. Additionally, they anticipate a more rigorous screening process compared to three years ago.

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