South Korea's Financial Intelligence Unit (FIU) approved only two virtual asset firms in 2025, a significant decrease from four approvals in 2024, according to ChainCatcher. The approval process has become more stringent, with average times increasing from 11 to 16 months, and some cases taking over 600 days. This cautious approach follows delays in passing the virtual asset bill. On December 23, 2023, the FIU renewed the license for Dunamu, operator of Upbit, South Korea's largest exchange, after a 16-month process. Dunamu's renewal followed a 35.2 billion KRW fine and completion of sanctions. Other exchanges, including Korbit, Bithumb, Coinone, and Gopax, have submitted renewal applications. Industry experts anticipate that as major exchange renewals are finalized, market uncertainty will diminish.