Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, is set to be the first local virtual asset platform to access administrative information via the government’s joint-use system. The Ministry of the Interior and Safety carried out an on-site inspection at Dunamu’s headquarters as part of the review process following the company’s application, according to local reports.
The joint use administrative information system allows approved institutions to confirm official records directly from the government database, thus eliminating the need for users to submit supporting documents manually. Available data may include resident registration certificate, tax payment history, and eligibility for health insurance.
If approved, Dunamu would join a group that currently includes public institutions, major banks and financial organizations. Industry observers are seeing the move as a major milestone for South Korea’s digital asset sector, with the potential to enhance compliance procedures, make customer verification easier, and further cement cryptocurrency exchanges’ status as recognized players in the broader financial ecosystem.
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