Upbit Operator Dunamu Set to Gain Direct Access to Residency, Tax Records in South Korea

South Korea is moving to give Dunamu, operator of the country’s largest crypto exchange Upbit, access to administrative records including resident registration documents and tax payment certificates. The move would make Upbit the first domestic crypto exchange with direct access to public data, a step the industry views as accelerating the sector’s entry into the formal financial system. It could also bolster Dunamu’s push to win corporate clients and expand into new financial businesses.

According to industry officials on June 19, the Ministry of the Interior and Safety conducted an on-site inspection at Dunamu’s headquarters in Seoul’s Seocho district earlier this month after the company applied to be designated an eligible institution under the government’s administrative information sharing system.

The ministry plans to designate Dunamu as an eligible institution as early as June. A ministry official said the inspection found no major issues and the related procedures should be completed by July at the latest.

The administrative information sharing system allows institutions to verify required information directly through government networks instead of requiring applicants to submit supporting documents themselves. Records commonly shared through the system include resident registration documents, tax payment certificates and health insurance eligibility records.

Once designated, Dunamu will be able to access administrative data directly within a preapproved scope. That would let the company verify documents customers must submit for matters including inheritance and proof of fund sources through the government network, improving operational efficiency.

Dunamu would become the first domestic crypto exchange designated as an eligible institution for administrative information sharing. The ministry said eligible institutions already include public agencies nationwide, South Korea’s four major commercial banks and major industry associations.

The industry sees the designation as more than an operational efficiency measure. Because no virtual-asset business has previously been included, it would set a precedent for crypto exchanges to tap the same kind of public data infrastructure used by traditional financial companies.

An industry official said the designation would open the way for crypto exchanges to access public data infrastructure much like traditional financial firms. It would also help establish exchanges as advanced financial institutions rather than merely private platforms.

Boost for Corporate Clients, New Businesses

The most immediate benefit would be in attracting corporate clients. South Korea’s financial authorities laid out a roadmap last year to open the crypto market to corporations and have been advancing the work in stages. For Dunamu, the designation would sharply simplify document submission and screening procedures for corporate customers while reinforcing its credibility as a crypto exchange with access to administrative data.

The move could also support Dunamu’s broader expansion strategy. Chief Executive Officer Oh Kyung-seok said after taking office last year that he wanted to grow Upbit beyond a cryptocurrency exchange into a next-generation financial infrastructure company.

Dunamu’s announcement late last year of a merger with Naver Financial is also viewed as part of that strategy. As the company expands into data services, tokenized securities, or STOs, and custody and settlement infrastructure, designation under the administrative information sharing system could become a key foundation.

Broader access to public data also brings calls for tighter security. Because the system involves sharing sensitive information among eligible institutions, Dunamu will need security controls comparable to those at public agencies and financial companies.

A security-industry official said institutions with access to public data must have internal controls and information-protection systems commensurate with that authority. As crypto exchanges move deeper into the formal financial system, market scrutiny of their security capabilities will inevitably intensify.