A total of 42 cryptocurrency exchanges and platforms have filed applications to register with the Financial Services Commission. The deadline to do so was Friday.
The commission's Financial Intelligence Unit announced this tally on Saturday.
Authorities will now deliberate on the filings within three months. If the registration is accepted, those exchanges can expect to continue normal operations.
The 42 include the big four - Upbit, Bithumb, Coinone and Korbit - as well as Beeblock, OK-BIT, Gdac, Pravang and Flata.exchange.
In the case of Upbit, the FSC has already accepted its application.
Under a law on the report and use of financial transaction information, crypto exchanges must meet certain conditions in order to operate, including obtaining a security certificate and having real-name bank accounts.
Without such accounts, withdrawing money for cryptocurrency trading is banned. Currently, only the big four have real-name accounts issued by commercial banks.
The other exchanges that have obtained the certificate can continue their business, but cannot continue trading using the Korean currency.
Others, which have failed to register altogether, must suspend operations.
Regulators are asking exchange users to report any problems arising in the process.