Upbit reports its digital assets to the FIU

TL;DR Breakdown • FIU only wants to prevent cryptocurrency fraud on illegal platforms.• The Upbit registration could motivate the other crypto exchange platforms. The largest cryptocurrency trading platform in South Korea, Upbit, is the first to send a request to the Korean Financial Intelligence Unit. This crypto exchange is one of the most used by South Koreans. For months the cryptocurrency platforms in the country have been stalked by the FIU regulators. Faced with these regulatory policies against crypto, Upbit reported its crypto assets to the South Korean Finance Unit. In this way, Upbit could be approved to work within the country. Announcements from Upbit about the FIU petition The Upbit spokesperson stated last Friday it would negotiate with FIU regulators. The crypto platform is one of the most used in South Korea, accounting for up to 80 percent of the country’s digital currency transactions. Doh Gyu-Sang, the financial services commission vice president, said he plans to accept crypto platforms reports. The FSC agent hopes that various crypto platforms will submit their reports before the end of August. Officials in South Korea require all domestic cryptocurrency exchanges to record their digital asset traders by September. These regulators have set the 24th of September as the deadline for all crypto platforms to be registered as merchants. If they do not comply with the registration, these crypto compani...