Main South Korean cryptocurrency firm Upbit has reportedly submitted a enterprise report with the Korean Monetary Intelligence Unit (FIU).

Upbit reported its digital asset enterprise to the FIU, which operates underneath South Korea’s prime monetary regulator, the Monetary Companies Fee (FSC). Upbit’s operator Dunamu introduced the information on Friday, The Korea Financial Every day reported.

Upbit is one in all South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up greater than 80% of the native cryptocurrency market. FSC vice chairman Doh Gyu-sang mentioned that the authority is able to settle for extra studies from the most well-liked South Korean exchanges within the close to future. The official said that the FSC expects one or two extra crypto exchanges to file studies by the tip of August.

The FSC didn’t instantly reply to Cointelegraph’s request for remark.

South Korean authorities have required all native crypto buying and selling platforms to register their businesses as digital asset service suppliers earlier than Sept. 24, or face an outright ban on operations within the nation. As a way to register with the FIU, exchanges want to determine a banking associate and report real-name financial institution accounts for all their shoppers. As beforehand reported, Upbit has set up real-name account verification with native web financial institution Ok Financial institution.

Associated: Binance halts KRW pairs amid tightening crypto exchange regulations in Korea

As South Korean monetary authorities proceed specializing in larger crypto exchanges by way of registration, smaller crypto buying and selling platforms are apparently struggling to adjust to native necessities. Numerous smaller South Korean crypto exchanges like Bitsonic and CPDAX announced temporary suspensions or whole service termination over the previous few months.

An FSC consultant informed Cointelegraph in early August that the authority was not seeking to shut down smaller exchanges however somewhat was seeking to freeze using fraudulent collective accounts, or borrowed-name accounts on the platforms.