South Korea is about to let Dunamu – the company behind the country’s largest crypto exchange, Upbit – pull resident registration documents and tax payment certificates straight from government databases.
The Ministry of the Interior and Safety conducted an on-site inspection at Dunamu’s Seoul headquarters earlier this month after the company applied to become an “eligible institution” under the administrative information sharing system. A ministry official said the inspection found no major issues, and the designation should be finalized by July at the latest – possibly as early as this month.
Once approved, Dunamu will be the first crypto exchange in South Korea to tap the same public data infrastructure used by the four major commercial banks, national agencies and major industry associations. Currently, all four of the country’s big banks already have this access.
The system lets institutions verify data directly through government networks instead of forcing customers to submit paper certificates. Think resident registration, tax payment records, health insurance eligibility – the kind of documents a bank needs for inheritance processing or proving the source of funds. For Upbit, that means verifying customer submissions will become far more efficient.
But the move carries more weight than operational convenience. Industry insiders see it as a clear indicator that regulators are treating crypto exchanges as legitimate financial institutions, not just private trading platforms. No virtual-asset business has ever been included in this sharing system before. The precedent matters.
The most immediate business impact will be on corporate clients. South Korea’s financial authorities laid out a roadmap last year to open the crypto market to corporations, and the work has been advancing in stages. For Dunamu, direct access to administrative records would sharply simplify document submission and screening for corporate customers – a big step toward making Upbit a credible counterparty for companies that have so far stayed on the sidelines.
The designation also strengthens Dunamu’s hand as it pushes into new financial businesses beyond spot crypto trading. Having the same verification tools as traditional banks makes it easier to offer custody, brokerage or wealth management services down the line.
Watch for the ministry’s official designation notice in the coming weeks. If it comes through by July as expected, Upbit will become the first exchange in South Korea to operate with the same administrative data privileges as a commercial bank – a quiet but critical milestone for the industry’s formalisation.
Dunamu Gets Direct Access to South Korean Residency, Tax Records
South Korea is granting Dunamu, operator of the largest domestic crypto exchange Upbit, direct access to residency and tax records. This access will improve operational efficiency and support Dunamu's expansion into formal financial services.