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.
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