<p>The Financial Intelligence Unit (FIU), a division operating under the South Korean Financial Services Commission (FSC), has recently granted approval to Infinite Block, a blockchain fintech company, to function as a virtual asset service provider (VASP), as reported by the local news outlet Business Watch.</p><h2 id="header-0">37 registered VASPs in Korea</h2><p>Infinite Block is the first entity to secure such approval from the national financial regulatory authority this year. This development takes the roster of registered VASPs in Korea to a total of 37.</p><p>When submitting its application in May, Infinite Block declared that its business is tailored for transferring, storing, and managing virtual assets. Its core operational domain centers around virtual asset custody services.</p><h2 id="header-1">Custodian service for institutional investors</h2><p>Founded last year by Jung Gu-tae, who previously served as a banker at NongHyup Bank and held a C-level position at digital asset custodian Cardo, Infinite Block leverages his extensive experience in banking and virtual assets. Building on this industry insight, Infinite Block is about to introduce Karbon Custody, a specialized service targeting institutional investors.</p><p>Furthermore, Infinite Block raised about 2 billion KRW ($1.5 million) last year from renowned financial institutions including Daegu Bank, SK Securities, and Infobank. However, the company did incur an operating loss exceeding 200 million KRW due to its nascent stage and the absence of revenue streams.</p><p>This accomplishment of Infinite Block is noteworthy in light of the decline observed in new VASP filings. While 2021 saw approximately 30 companies applying for VASP approval, the numbers dwindled to merely two new applications last year, followed by only one so far this year.</p>

Korean Financial Authority Grants This Year’s First VASP Approval to Infinite Block

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