The grace period for virtual assets under the Specific Financial Information Act is expected to come soon to September 24, 2021. Some operators are preparing to report virtual asset businesses, but most are not able to obtain ISMS certification until the grace period, and many are unclear because financial authorities do not elaborate on the scope of virtual asset businesses except major virtual asset businesses. In particular, teams that run DeFi protocol-based businesses cannot authenticate ISMS to report virtual asset businesses, so it is very far from reporting virtual asset businesses. D’LIGHT Law Group reviewed whether DeFi protocol-based operators’ businesses are virtual asset operators, and provided various expected scenario-specific advice on how to respond to financial authorities in the future.
