Tokyo FinTech
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Tokyo FinTech

33 crypto exchanges & service providers applied for Korean license

As of 6:30pm on deadline day, Friday, September 24, 33 crypto exchanges and service providers had applied for a license with the Korean Financial Services Commission (FSC) & Financial Intelligence Unit (FIU). While the regulators called it a day, the official submission window only closed at midnight.

The breakdown of applicants is as follows:

  • 4 crypto exchanges with real-name accounts, and therefore able to trade against KRW
  • 20 crypto exchanges without real-name accounts, and therefore only able to trade cryptocurrency pairs (with another five exchanges under consultation)
  • 9 service providers such as virtual asset wallet operators and virtual asset storage & management companies (with another four under consultation)

According to the regulator, the applying exchanges constitute more than 99.9% of trading volume, and KRW deposits at the exchanges unregistered exchanges amount to approximately 4.18 billion.

The exchanges that have submitted are the following, with the “Big Four” listed on top having struck relationships with Korean banks, which will handle the “real name” KRW accounts:

  • Upbit
  • Bithumb
  • Coinone
  • Korbit
  • Flybit
  • B-Bloc
  • OK-BIT
  • Prabang
  • GDAC
  • Poblegate
  • Cordax
  • Bikmon
  • Tennten
  • Coinncoin
  • Cashierest
  • wowPAX
  • Aprobit
  • ProBit
  • Oasis
  • Metavex
  • Huobi

The service provider category includes the following:

  • Korea Digital Asset (KODA)
  • Vitro
  • Octet
  • Korea Digital Asset Trust (KDAC)
  • Voltcus
  • nBlocks
  • Hyperism
  • Delio
  • Wemade Tree (WEMI)

The regulators now have three months to review the applications.

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Norbert Gehrke

Norbert Gehrke

Passionate about strategy & innovation across Asia. At home in Japan. Connector of people & ideas.