Financial Services Commission: "29 Virtual Asset Exchanges Registered... Total Operators 42"

[Asia Economy Reporter Park Jihwan] A total of 29 virtual asset exchanges have completed their registration with financial authorities in accordance with the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Transaction Act).

According to the Financial Intelligence Unit (FIU) under the Financial Services Commission on the 25th, a total of 42 entities, including 29 cryptocurrency exchanges and 13 other operators such as wallet and custody service providers, completed their registration by the previous day.

All 29 virtual asset exchanges that obtained Information Security Management System (ISMS) certification have completed their registration.

Exchanges that secured real-name deposit and withdrawal accounts (real-name accounts) at banks and registered as operators of the Korean won market include Upbit, Bithumb, Coinone, and Korbit, totaling four.

The remaining 25 exchanges?Flybit, Bblock, OKBit, Prabang, Plettex, Gidac, Foblegate, Gopax, Huobi Korea, Coredax, Bitkmon, Ten and Ten, CoinNcoin, Borabit, Cashierest, Wowpax Exchange, Aprobit, Probit, Oasis Exchange, Metabex, Bidulgi Wallet, Hanbitco, Coinbit, Bitrade, and iBitX?have registered as operators of coin markets that support only cryptocurrency-to-cryptocurrency trading. They may apply to change their registration to operate Korean won markets after securing real-name accounts at banks, subject to review by authorities.

Among other operators such as electronic wallet service providers and custody service providers, 13 out of 14 companies with ISMS certification have completed their registration.

The FIU and the Financial Supervisory Service are expected to review the applications within three months and decide on approval. Once registration is approved, these operators are expected to conduct normal business operations.