Financial Services Commission Approves Cryptocurrency Exchange 'Korbit' Registration... Second After Upbit

[Asia Economy Reporter Koo Eun-mo] The Financial Intelligence Unit (FIU) under the Financial Services Commission announced on the 5th that it has accepted the registration of the virtual asset service provider (cryptocurrency exchange) Korbit. This is the second case following Upbit.

On this day, the FIU stated, "Considering the results of the Financial Supervisory Service's registration review and the discussions of the Virtual Asset Service Provider Registration Review Committee, we have decided to accept Korbit's registration."

With this, the number of cryptocurrency exchanges whose registrations have been accepted has increased to two. On the 17th of last month, the FIU accepted the registration of Upbit, which was the first to submit its registration documents.

According to the amended Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Transactions Act), cryptocurrency exchanges must meet requirements such as obtaining Information Security Management System (ISMS) certification and securing real-name verified deposit and withdrawal accounts (real-name accounts) by the 24th of last month to continue operations by registering with the authorities.

Korbit, along with Upbit, Bithumb, and Coinone, secured real-name accounts to support KRW transactions and submitted its registration documents on the 10th of last month.

The FIU is currently reviewing the registration acceptance for 25 other cryptocurrency exchanges that registered as coin market operators supporting only cryptocurrency-to-cryptocurrency transactions due to the lack of real-name accounts, as well as 13 other operators including wallet providers.

Exchanges whose registrations have been accepted by the authorities must comply with anti-money laundering obligations such as the customer identification system verifying customers' real names under the Specified Financial Transactions Act from the time they receive the acceptance notice.

Korbit stated, "We will fulfill the obligations stipulated by the Specified Financial Transactions Act and related laws, strengthen anti-money laundering and customer identification systems, and do our best to provide a safe and trustworthy investment environment."