Prabang Passes FIU Virtual Asset Operator Review... Begins Official Exchange Operations

[Asia Economy Reporter Jang Hyowon] Virtual asset exchange Prabang announced on the 5th that it has received approval for virtual asset business operator registration from the Financial Intelligence Unit (FIU) and will commence full-scale exchange operations.

Prabang reportedly passed the business operator review by the FIU on the 30th of last month after fulfilling the reporting requirements related to anti-money laundering (AML), including obtaining ISMS certification, which is an essential requirement for virtual asset business operator registration following the enforcement of the Act on Reporting and Using Specified Financial Transaction Information (hereinafter referred to as the Special Financial Transactions Act) in March last year.

Additionally, after the registration approval, Prabang completed the establishment of systems to fulfill AML obligations, and having devoted full efforts to laying the foundation for service operation, it plans to focus on exchange operations going forward.

Jung Wonyang, CEO of Prabang, stated, “We will swiftly grasp the rapidly changing trends in the virtual asset market and focus on the diverse needs of users to transform into a financial platform where anyone can easily trade.” He added, “The company plans to pursue new businesses related to the metaverse and NFTs, and aims to grow as a virtual asset payment platform combining NFTs and the metaverse to expand the role of the virtual asset exchange and new revenue models.”

He continued, “The company is preparing a media art business incorporating works issued as NFTs,” adding, “We are promoting the launch of a service that exhibits various works so that customers can easily access digital content, and we will lead the upcoming new digital era.”

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