South Korea approved only 2 virtual asset businesses in 2025, halving from the previous year

In South Korea, only 2 virtual asset businesses were approved by the Financial Intelligence Unit (FIU) in 2025, halving from 4 in 2024. The approval time has been extended from an average of 11 months to 16 months, with some cases exceeding 600 days. The FIU has adopted a conservative approval strategy due to delays in the passage of the virtual asset bill. However, on December 23 last year, the FIU approved the license renewal for Dunamu, the operator of the largest exchange Upbit, which was granted about 1 year and 4 months after the renewal deadline expired.

The FIU had previously imposed a fine of 35.2 billion won on Dunamu, and the renewal was released after the sanction process was completed. Currently, exchanges such as Korbit, Bithumb, Coinone, and Gopax have submitted renewal applications. The industry expects that as the renewals of large exchanges are completed, the uncertainty in the sector will gradually diminish.