Are special qualifications or conditions required to engage in currency exchange business? Can ordinary individuals do it? Released

Yes, ordinary people can engage in currency exchange business.

According to the Foreign Exchange Transactions Act and its Enforcement Decree, anyone who has a business place and computer facilities necessary for smooth operations and post-management can engage in currency exchange business.

This must meet the standards set and announced by the Minister of Strategy and Finance. The key is not simply having a lot of capital, but having the legally defined facilities and systems.

The documents required for currency exchange business registration are as follows. As you mentioned, there are quite a few necessary documents, so you need to prepare them thoroughly.

1. Proof of business place and computer facilities:

    These are documents that prove the information about the business place and that the computer facilities are properly equipped, such as a copy of the building register, lease contract, building register, drawings/photos, etc. (Submission can be omitted with consent for joint use of administrative information)

2. Copy of ID: A document that can verify the identity of the applicant.

3. Proof by business type:

    Corporate register: Required if registered as a corporation.

    Business registration certificate: Required if registered as a sole proprietor. (Submission can be omitted with consent for joint use of administrative information)

4. Power of attorney: Required if an agent is applying.

5. Copy of license tax payment receipt: A document proving that the license tax for the currency exchange business has been paid. (Submission can be omitted with consent for joint use of administrative information)

6. Documents related to executives (for corporations only): Resumes and career certificates of executives are required. This is to verify the transparency and professionalism of corporate management.

7. Additional documents related to online and unmanned currency exchange:

    Unmanned currency exchange machine operator: Additional documents required for the operation of the unmanned system, such as customer center operation plan, emergency recovery system operation plan, etc., are required. The purpose is to verify the ability to respond immediately to customer inconvenience and restore system failures.

    Online currency exchange operator: Documents proving the fulfillment of requirements such as performance bond (insurance policy, etc.), terms and conditions, and compensation procedures must be submitted. This is to clarify the responsibility for financial accidents that may occur due to the nature of online transactions and to prove that safety measures have been prepared for customer protection.

'Consent for joint use of administrative information' is a system that allows government agencies to share necessary administrative information with each other if the applicant agrees, reducing the effort of the applicant to issue and submit documents one by one. 

If you agree to this system for the documents mentioned above (copy of the building register, building register, corporate register or business registration certificate, license tax payment receipt), you do not need to submit these documents directly. 

Thanks to this, the document preparation process can be much simpler, so it is recommended to utilize it. 

This system was introduced to enhance public convenience and improve administrative efficiency.