TechFlow news — On December 23, the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission (FSC) announced the review results of 42 virtual asset service providers, with four Korean won/crypto exchanges, 20 crypto-to-crypto exchanges, and five crypto asset custodian institutions passing the review.
The four won-based exchanges include Upbit, Korbit, Coinone, and Bithumb. Among the 20 crypto-to-crypto exchanges (which do not allow direct purchase of cryptocurrencies using Korean won), Huobi Korea, Flybit, GDAC, OKBit, Coinncoin, and Aprobit passed the reporting review. The five approved custodians are KODA, KDAC, Hexlant, MyKeepin Wallet, and Hyperism.
In July this year, based on the newly enacted local "Act on Reporting and Use of Specific Financial Information," the FSC notified overseas virtual asset operators to report to the FIU by September 24, disclosing whether they provide services in South Korea, market or promote to Korean residents, or conduct transactions or payments in Korean won. Operators failing to report by the deadline have been prohibited from serving Korean users since September 25.
The FIU stated that starting from 2022, it will conduct on-site inspections and regular supervision of the reviewed operators, conducting operational status investigations every six months.
