Hyperithm to surrender VASP license in South Korea

Crypto asset manager Hyperithm has decided to give up its virtual asset service provider, or VASP, license, Seoul Economy reported exclusively. The company determined it has been difficult to find a viable profit model as approval for corporate crypto investment remains delayed and legislation on a basic law for digital assets continues to be postponed. Oh Sang-rok, Hyperithm’s CEO, said the company had been unable to launch user-facing services in South Korea after its VASP filing was accepted. Oh added Hyperithm decided to withdraw its renewal filing after reviewing its business plan and is proceeding with the related steps. With Hyperithm set to be removed from the list, the number of South Korean VASPs has fallen to 28 from 42 at the start of last year.