Upbit, First Cryptocurrency Exchange to File Business Registration

[Asia Economy Reporter Song Seung-yoon] Upbit has become the first domestic cryptocurrency exchange to submit a business registration form to the financial authorities.

The Financial Intelligence Unit (FIU) of the Financial Services Commission disclosed on its website on the 20th that Dunamu, the operator of Upbit, submitted a virtual asset business operator registration form in accordance with the Act on Reporting and Using Specified Financial Transaction Information (Special Financial Transactions Act).

According to the Special Financial Transactions Act, cryptocurrency exchanges that support KRW deposits and withdrawals must obtain Information Security Management System (ISMS) certification and have real-name verified deposit and withdrawal accounts (real-name accounts) by the 24th of next month, and complete the FIU’s registration acceptance process.

Once the registration form is received, the Financial Supervisory Service will begin a full review. Although the statutory administrative processing period for the registration form is 90 days, the financial authorities plan to conduct the review as quickly as possible.

Among the 25 operators who received consulting from the FIU and the Financial Supervisory Service for a month starting June 15, 19 have obtained ISMS certification. The four major exchanges with real-name accounts?Upbit, Bithumb, Coinone, and Korbit?underwent bank reviews again.

Ahead of the enforcement of the registration obligation, the Financial Supervisory Service notified virtual asset operators to prepare user guidance and protection procedures applicable in case of business closure and to submit them when applying for registration.

This content was produced with the assistance of AI translation services.