On Sept. 13, the Office of Government Policy Coordination announced that 28 crypto exchanges have received information security management system (ISMS) certifications from the Korea Internet and Security Agency (KISA) thus far.
An ISMS certification is necessary for an exchange to qualify for registration under the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC), as required by the Financial Transactions Reports Act (FTRA).
The FTRA registration deadline is Sept. 24.
Exchanges that fail to register by Sept. 24 will most likely be shut down or prohibited from operating within South Korea.
Counting wallet services, a total of 40 virtual asset service providers (VASPs) have acquired ISMS certifications.
"Considering the amount of time left until VASP registration, it is unlikely at this point that additional VASPs with ISMS certification will emerge," a government official told CoinDesk Korea.
The official added that some VASPs are advertising that they've received ISMS certification, but they've actually just applied for ISMS certification without having been confirmed. This means some investors could be fooled into storing their assets at an exchange that could be shut down.
Any VASP that cannot qualify for FTRA registration must publicly announce their inability to register by Sept. 17 and shut down their Korean operations by Sept. 24.
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