Top-tier crypto firm from South Korea Upbit has reportedly finalized a submission for a business report with the Korean Financial Intelligence Unit (FIU).

Specifically, Upbit reportedly included its digital asset business in the report with the FIU, which is currently functioning under a high-profile regulator in South Korea – the Financial Services Commission (FSC). 

Upbit is reportedly among the most major crypto exchange platforms across South Korea, joining the list with Bithumb, Coinone, and Korbit, and takes up a proportion of more than 80% of the crypto market in the region.

FSC vice chairman Doh Gyu-sang reportedly shared that the authority has made sufficient preparations to accept additional reports from the well-known South Korean exchanges moving forward. 

The official further revealed that the FSC has expectations to receive submitted filings for reports from one or two extra crypto exchange platforms. 

The authoritative forces in South Korea have reportedly made it mandatory for every crypto trading platform throughout the nation to complete the registration of their businesses as digital asset service providers, with the deadline being the 24th of September. Failing to fulfill the task will result in an outright ban on functioning in the nation. 

To complete the registration with the FIU, exchanges will have to form an alliance with a banking partner, as well as reporting real-name bank accounts for every one of their customers.

Previously, Upbit had set up real-name account verification with local internet bank K Bank.