Court upholds FIU ban on stablecoin exchange services without VASP license

A South Korean court ruled that the Financial Intelligence Unit’s measure barring exchange services for stablecoins and other virtual assets for foreign customers was lawful, Edaily reported. The Seoul Administrative Court’s sixth division dismissed a lawsuit filed by South Korean blockchain fintech platform Darwin KS against the FIU on July 24, citing the requirement for a virtual asset service provider (VASP) license to operate coin exchange services.