South Korea Approves VASP Registrations After One Year

According to PANews, the Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission has approved the registration of Virtual Asset Service Providers (VASPs) for the first time in a year. The entities that received approval include DSRV, a virtual asset infrastructure company, and BDACS, a crypto asset custody institution. DSRV submitted its registration application in October 2023 and received approval approximately a year later. BDACS applied in February 2024 and was approved in about six months.