Electronic Financial Transactions Act, Article 16 (Issuance, Use and Exchange of Electronic Currencies) describes services and activities related to the electronic currencies:
“(1) Any financial company or electronic financial business entity that issues an electronic currency (hereinafter referred to as “electronic currency issuer”) shall, in issuing the electronic currency, assign identifiable numbers to the means of access and manage it by linking the numbers to the user’s real name (hereinafter referred to as “real name”) defined in subparagraph 4 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality or deposit account: Provided, That the same shall not apply to any electronic currency, the upper limit of whose face value does not exceed the amount prescribed by Presidential Decree. <Amended by Act No. 11814, May 22, 2013>
(2) The electronic currency issuer shall issue the electronic currency in exchange for the same value of cash or deposits.
(3) The electronic currency issuer shall take necessary measures to keep and use the issued electronic currency so that electronic currency holders can use it.
(4) The electronic currency issuer shall, upon a request by its holder, have the duty to exchange such electronic currency for cash or deposits.
(5) The methods and procedures for the issuance and exchange of electronic currency under paragraphs (1) through (4) shall be prescribed by Presidential Decree.”
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