[Executive Summary]

• Other noteworthy issues regarding the virtual asset regulatory updates are as follows: 1) The completion of a partnership between Coinone and Kakaobank for the establishment of real-name accounts is now imminent. 2) The City of Busan has entered an MOU (Memorandum of understanding) with FTX for establishing a digital asset exchange. 3) Coinbit, which was ordered to cease its exchange business service last year based on the relevant laws for operating without registration, resumed its exchange service on September 1^st.

A) Partnership between Coinone and KakaoBank

The completion of the partnership between Coinone and Kakaobank for the establishment of real-name accounts is now imminent. According to the recent press release, the parties have reached the final stage of the partnership. It is assumed that the issuance of corporate real-name accounts has also been discussed in the process.

B) Busan City and FTX has entered an MOU

The city of Busan has entered an MOU (Memorandum of understanding) with FTX for establishing a digital assets exchange. Through the MOU, Busan and FTX agreed to cooperate in preparing an environment for supporting various blockchain-related businesses.

C) Coinbit has resumed exchange service

Coinbit, which was ordered to cease its exchange business service last year based on the Act on Reporting and Using Specified Financial Transaction Information (“the Law”) for operating without registration, resumed its exchange service on September 1^st.

Despite the recent downturn of the global and domestic virtual asset market, blockchain and virtual asset-related businesses in Korea are actively expanding their operation areas. The industry-wide continuing efforts and vigorous activities may eventually influence the authorities and legacy banks to open a new field of business for the market participants, such as the linkage or issuance of real-name accounts.