South Korea financial regulator approves new virtual asset service providers for the first time in a year

The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission (FSC) has approved the registration of virtual asset service providers (VASPs) for the first time in a year. The entities approved for registration include DSRV, a virtual asset infrastructure company, and BDACS, a crypto-asset custodian.DSRV filed its application for registration in October 2023 and was approved approximately one year later, while BDACS filed its application in February 2024 and was approved approximately six months later.