Bitcoin Remains Around 55 Million KRW... FIU Reports Filed at Korea's Top 4 Cryptocurrency Exchanges

BTC Market Operation Possible with ISMS Certification Alone... But Sharp Decline in Trading Volume Inevitable

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin remained around 55 million KRW. Meanwhile, domestic cryptocurrency exchanges must complete their virtual asset service provider registration by the 24th, and it has been revealed that only the four major exchanges?Upbit, Bithumb, Coinone, and Korbit?have submitted their registrations.

According to domestic cryptocurrency exchange Upbit, as of 6:24 PM on the 12th, Bitcoin recorded 55.29 million KRW, up 0.90% compared to the previous day. Bitcoin, which had risen to 61.11 million KRW on the 7th, sharply dropped to the 55 million KRW range and has since shown little fluctuation.

Altcoins are mixed. At the same time, Tron, Hedera Hashgraph, Serum, Sandbox, and others rose by 7.83%, 5.68%, 4.93%, 4.82%, and 4.21%, respectively. On the other hand, cryptocurrencies such as WAX, ELF, HUNT, MILK, and ICON fell by 5.85%, 5.40%, 5.22%, 4.47%, and 4.26%, respectively.

Meanwhile, according to the industry on the 12th, the four major domestic cryptocurrency exchanges have completed their registration submissions to the Financial Intelligence Unit (FIU). Following Upbit’s registration on the 20th of last month, Bithumb submitted on the 9th of this month, and Coinone and Korbit submitted on the 10th.

To proceed with the FIU registration process, cryptocurrency exchanges must secure real-name bank accounts and obtain Information Security Management System (ISMS) certification. A total of 21 exchanges have obtained ISMS certification. However, only the four exchanges that have secured real-name accounts have submitted registration documents to the FIU.

Even if an exchange has only obtained ISMS certification and separately registers with the FIU, it can support trading through BTC (Bitcoin) and ETH (Ethereum) markets, but trading volume is inevitably expected to decrease compared to before. Furthermore, exchanges that have not even obtained ISMS certification must undergo closure procedures, which may cause losses to investors using those exchanges.

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