Upbit said on Feb. 5 it added the mobile resident registration card to its existing identity verification (KYC) methods, which include a physical resident registration card, a physical driver’s licence and a mobile driver’s licence.

Foreign residents in South Korea who previously could verify their identity only with physical identification can now also do so using a mobile alien registration card, a mobile permanent resident card and a mobile domestic residence report card for overseas Koreans.

The update was introduced to strengthen KYC, and was 추진됐다 to improve customer convenience as the number of mobile ID users has recently increased and mobile IDs can now be issued through private applications.

Mobile IDs apply blockchain-based decentralized identity (DID) technology to reduce the risk of forgery and alteration, and enable real-time authenticity and validity checks, improving accuracy and security.

They are also stored in encrypted form in a device’s secure area and are not stored separately on a central server, reducing the risk of personal data leaks from hacking.

Dunamu CEO Oh Kyung-seok (오경석) said, "We expanded mobile ID authentication so users can use the service conveniently and safely," adding, "Upbit will continue to work to build a safe trading environment."