Virtual Asset Service Providers Required to Submit Wallet Addresses and Dark Coins to FIU

Virtual asset service providers must provide detailed information on wallet addresses and the presence of dark coins when submitting reports to the Financial Intelligence Unit (FIU). According to the FIU's manual for virtual asset service providers released on the 13th, businesses are required to include a list of digital asset handling and management wallet addresses in their business plans. The list must detail the overall status of digital assets, the total number of types, and the number of wallets for customer transactions as well as those not for customer transactions. Additionally, it should include product names, issuers, purposes, and whether dark coins are involved, along with the wallet addresses for managing users' digital assets. Dark coins are defined as "digital assets that have technology embedded to prevent the identification of transaction records when transferring from one address to another." Since 2021, dark coins have been designated as prohibited under the virtual asset service provider reporting system, with the FIU warning of significant money laundering risks. Major digital assets like LTC (Litecoin) were supported for trading on the Korean won market exchange, but trading support was discontinued after the Mimblewimble upgrade in June 2022.

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