only 2 virtual asset businesses in South Korea will be approved by the Financial Intelligence Unit (FIU) in 2025, half the number of 4 in 2024. The approval time has 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 Act. However, on December 23 last year, the FIU approved the license renewal of Dunamu, the operator of the largest exchange Upbit, which was approved about 1 year and 4 months after the renewal period expired.

The FIU previously imposed a fine of 35.2 billion KRW on Dunamu and allowed the renewal after the sanction procedures were completed. Currently, exchanges such as Korbit, Bithumb, Coinone, and Gopax have all submitted renewal applications. The industry expects that as the renewals of major exchanges are completed one after another, the industry's uncertainty will gradually be eliminated.