According to a ChainCatcher report, only two virtual asset businesses in South Korea received approval from the Financial Intelligence Unit (FIU) in 2025, half the number of four in 2024. The average approval time has increased from 11 months to 16 months, with some cases exceeding 600 days. The FIU has adopted a more conservative approval strategy due to the delayed passage of the virtual asset bill. However, on December 23, 2023, the FIU approved the license renewal for Dunamu, the operator of the largest exchange Upbit, which took about 1 year and 4 months after the expiration of the previous license. Dunamu was previously fined 35.2 billion KRW by the FIU, and its license renewal was approved only after the sanctions process was completed. Currently, exchanges such as Korbit, Bithumb, Coinone, and Gopax have all submitted renewal applications. Industry observers expect that as the renewals of major exchanges are gradually completed, the uncertainty in the industry will gradually be resolved.
South Korea Approves Only 2 Virtual Asset Firms in 2025, Half of 2024
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Summary
South Korea's Financial Intelligence Unit (FIU) approved only two virtual asset firms in 2025, half the number from 2024. The average approval time increased to 16 months, with some cases exceeding 600 days. The slow pace is attributed to delays in the virtual asset bill, which impacts compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) regulations. Dunamu, the operator of Upbit, secured a 1-year-4-month license renewal after paying a fine of 352 billion won. Korbit, Bithumb, Coinone, and Gopax are also in the process of renewal. As the Markets in Crypto-Assets (MiCA) framework shapes EU standards, global regulatory clarity remains a key concern for the industry.
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