Delio, South Korea's leading cryptocurrency financial services provider, announced it has become the first Korean company in the crypto lending and depositing field to obtain VASP approval from the Korea Financial Intelligence Unit (KoFIU).
In order to purchase, sell, exchange, store and transfer virtual assets in Korea, companies must obtain VASP approval from the Financial Intelligence Unit (FIU) of the Government Financial Services Commission in accordance with the Act on the Use and Reporting of Specific Financial Transaction Information.
The company, which intends to be a VASP in Korea, must go through strict review procedures, and the government only grants VASP licenses to qualified companies. In addition, the government is strengthening the management and supervision of virtual asset service providers and punishes them in accordance with the law if they do not meet the reporting requirements or do not report at all.
VASPs like Delio include digital asset exchanges such as Upbit and Bithumb. Being a VASP means Delio is a licensed cryptocurrency financial service provider under the supervision of Korean government financial authorities.
Besides VASP, Delio obtained Information Security Management Systems (ISMS) Certification last year and has built a high-level information security system on the level of financial institutions such as banks.
Delio is Korea's largest one-stop cryptocurrency financial services provider and the only company in Korea that operates CeFi and DeFi services. While providing CeFi services such as crypto depositing, lending and Vault (wallet), it entered the DeFi market in the second half of 2021 by launching Delioswap, a DEX (decentralized crypto exchange). Also, Delio launched an Open Call event on Feb. 28, 2022, with a total prize of $100,000, inviting artists all over the world to exhibit their NFT artwork on bluebay, a brand new and totally differentiated NFT marketplace opened in March. Delio's main services, crypto-based financial services, grew by 600% compared to the previous year. Currently, it is preparing new DeFi businesses with OKX, a global crypto exchange, and integration with Chainlink, the widely used oracle network.
A Delio official said, “As the first company in the crypto depositing and lending sector certified by the Korean financial authorities, we increase customer trust. We are now planning to continuously acquire crypto related licenses in more jurisdictions in order to provide innovative services to more users in different jurisdictions.”