All of the Big 4 South Korean exchanges have officially submitted their virtual asset service provider (VASP) registration to the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC).]
The FSC is South Korea's top financial regulator, the equivalent of the US' Securities Exchange Commission (SEC).
The Financial Transactions Reports Act (FTRA) requires domestic crypto exchanges to register as VASPs under the FIU by Sept. 24 if they wish to continue offering crypto trading services with fiat on-ramps.
To order to qualify for registration, however, VASPs have to meet certain conditions. The main hurdle is securing a partnership with a domestic commercial bank. Other qualifications are related to demonstrating that an exchange has sufficient systems for preventing money laundering, fraud and hacks.
Upbit became the first to submit their registration on Aug. 20.
Bithumb followed this past Sept. 9, shortly after extending their contract with Nonghyup Bank.
Korbit and Coinone followed on Bithumb's heels by filing their registration on Sept. 10. Korbit had also secured its partnership with Nonghyup, while Coinone had extended its contract with Shinhan Bank.
All that's left is for the FIU to officially approve the Big 4's registration.
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