South Korea Sees Decline In Virtual Asset Service Providers

According to Odaily, the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission reported a decrease in the number of Virtual Asset Service Providers (VASPs) in the country. The number has dropped from approximately 40 last year to 31. Initially, 42 companies were registered, but 11 have been excluded from the current list. This exclusion is attributed to companies failing to submit renewal reports, leading to their removal from the list after their operational licenses expired. The report highlights that since last year, several CoinMarket-type exchanges have shut down due to operational difficulties. Despite these closures, some companies remained on the official list due to the validity of their licenses. However, with the non-renewed businesses now cleared, the current announcement reflects the actual number of operational businesses.