Upbit has obtained the first virtual asset service provider (VASP) qualification on Sep. 17. Upbit, operated by Dunamu, is the largest cryptocurrency exchange in South Korea by trading volume.
The Financial Services Commission (FSC) stated on Friday that Dunamu became the first virtual asset service provider for government registration.
South Korea's top financial regulator said the first virtual asset business review committee was held to conduct a review on Dunamu’s VASP report, submitted on Aug. 20.
The Financial Transactions Reports Act (FTRA) requires domestic crypto exchanges to register as VASPs under the Financial Intelligence Unit (FIU) by Sept. 24 if they wish to continue offering crypto trading services with fiat on-ramps.
Friday was the deadline for crypto exchanges to notice their business suspension to users if they had not met the government requirements to continue operations.
The FSC also announced that the review of five more virtual asset service providers is on track. Three crypto exchanges, Bithumb, Coinone, and Korbit, submitted the reports as of Sept. 10. The other businesses are crypto exchange Flybit and digital wallet service provider KODA.
관련기사
- [종합] 업비트, 금융당국 신고 통과... 플라이빗, KODA도 신고접수
- "가상자산 거래소 폐업 대비해 코인·예치금 서둘러 인출해야"
- 28 Korean exchanges have received ISMS certification
- All of Big 4 have filed their FIU registration
- Bithumb, Coinone, Korbit secure partnerships with banks as they wrap up FIU registration
- Korbit becomes 2nd exchange to have FIU registration approved
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