(1) Any person who intends to engage in a business issuing and managing electronic currencies shall obtain permission therefor from the Financial Services Commission; provided, the same shall not apply to the banks provided for in the Banking Act and other financial companies prescribed by Presidential Decree. <Amended on Feb. 29, 2008; May 17, 2010; May 22, 2013>
(2) Any person who intends to provide any of the following services shall register himself or herself with the Financial Services Commission; provided, the same shall not apply to the banks provided for in the Banking Act and other financial companies prescribed by Presidential Decree: <Amended on Feb. 29, 2008; May 17, 2010; May 22, 2013>
1. Electronic funds transfer services;
2. Issuance and management of electronic debit payment means;
3. Issuance and management of prepaid electronic payment means;
4. Electronic payment settlement agency services;
5. Other electronic financial services prescribed by Presidential Decree.
(3) Notwithstanding paragraph (2), any of the following persons may provide the services referred to in each subparagraph of the said paragraph without registering himself or herself with the Financial Services Commission: <Amended on Feb. 29, 2008; Sep. 14, 2023>
1. Any person who issues a prepaid electronic payment means falling under any of the following cases:(a) A person who issues a prepaid electronic payment means used only for one chain store (limited to where the business owner of a chain store is the same person);(b) A person whose issuance balance of prepaid electronic payment means and total amount of annual issuance (where at least two types of prepaid electronic payment means are issued, referring to the aggregate of the respective issuance balance and total amount of issuance) is less than the amount prescribed by Presidential Decree;(c) Where it is a prepaid electronic payment means, the price of which has not been pre-paid directly by a user and is covered by a refund guarantee insurance, etc. as prescribed by Presidential Decree to discharge the liability for monetary values stored by the user;
2. Deleted. <Dec. 16, 2025>
(4) Article 4, Chapters II (excluding Article 19) and III (excluding Articles 21 (4), 21-2, 21-3, 23 and 25), and Articles 37, 38, 39 (1) and (6), 41 (1), 43 (2) and (3), 46, 46-2, and 47 concerning electronic financial business entities shall apply mutatis mutandis to the persons who issue prepaid electronic payment means exempted from registration under paragraph (3) 1 (c); provided, Articles 25, 39 (2) through (5), and 40 (2) and (3) shall apply mutatis mutandis where the financial incidents prescribed by Presidential Decree occur, such as insolvency due to any illegal or unjust act committed by the relevant executive officers or employees. <Amended on May 22, 2013; Oct. 15, 2014>
(5) The Financial Services Commission may attach a condition to the permission granted under paragraph (1). <Amended on Feb. 29, 2008>