FLYBIT submits advance notification for virtual currency service provider (VASP) extension in South Korea

Flybit, a cryptocurrency exchange operated by Korea Digital Exchange, submitted a pre-declaration for virtual currency business operator (VASP) renewal to the Korea Information Service on the 16th.
This is the fastest schedule among all coin exchanges. In this update, the company has established policies and internal regulations to protect users, and a sophisticated anti-money laundering system that it has developed.
The document describes the design and operation of the prevention system, and also includes a system for constantly monitoring abnormal transactions to comply with the Virtual Currency User Protection Act, which came into effect on July 19.
If the authorities request additional documents, the company will submit the report in October, and the results of the update will be announced in November.