On the 20th, financial authorities revealed there is a possibility that Culture Gift Certificate Co., Ltd. continued to operate without registering as a prepaid business, despite being subject to registration, and requested confirmation from the investigative authorities.
The Financial Services Commission noted that the online culture gift certificates issued by Culture Gift Certificate Co., Ltd. fall under prepaid electronic payment means according to the amended Electronic Financial Transactions Act, and although they are subject to prepaid business registration, they have continued online culture gift certificate operations without registering since the 18th. In response, the Financial Supervisory Service requested confirmation regarding this from the investigative authorities.
Previously, on the 12th, Culture Gift Certificate Co., Ltd. had filed an administrative lawsuit against the financial authorities to confirm the non-existence of registration obligations.
Financial authorities and related departments such as the Fair Trade Commission urged that Culture Gift Certificate Co., Ltd., as an unregistered prepaid business, is not subject to user protection under the Electronic Financial Transactions Act, including the obligation for separate management of prepaid amounts, and users should exercise caution when purchasing and using gift certificates.