Korbit has become the second South Korean crypto exchange to have its registration approved by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC).
The Financial Transactions Reports Act (FTRA) requires all virtual asset service providers (VASPs) to register with the FIU. The deadline to submit registrations was this past Sept. 24.
However, the FIU still has to approve an exchange's registration application in order for it to continue operating in the long term.
The FIU confirmed on Oct. 5 that it has filed and approved Korbit's registration application. Korbit submitted its registration this past Sept. 10, shortly after securing its contract with Shinhan Bank.
The FIU has formed an internal commission for reviewing and approving VASP registration applications. The commission convened for the second time this past Oct. 1, and reportedly decided to approve Korbit's registration on this day.
Upbit became the first exchange to submit its FIU registration on Aug. 20. The FIU approved Upbit's registration application this past Sept. 17.
So far, only two exchanges have had their FIU registration approved.
The FIU has yet to approve the registration applications of Bithumb and Coinone.
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