South Korea FIU cleared only two VASPs in 2025; approval times rose to 16 months

South Korea's Financial Intelligence Unit approved only two new virtual asset service providers in 2025, down from four in 2024. The average approval timeline increased to 16 months from 11, and VASPs filed 36,684 suspicious transaction reports between January and August 2025, with about 90% tied to illegal cross-border remittance schemes.