Despite local reports to the contrary, the financial watchdog stated that discussions are still ongoing.
The Financial Services Commission (FSC) of South Korea has denied reports that it plans to publish a roadmap allowing corporate crypto accounts by the end of the year.
Korea Economic Daily cited unidentified sources that claimed the FSC had developed a phased plan to permit corporate crypto trading, commencing with universities and local governments in 2025. The outlet stated that corporations and financial institutions are anticipated to follow in subsequent stages.
“There has been no finalization of particular procedures regarding corporate real-name accounts for virtual assets, and the matter is scheduled for additional debate. Therefore, please be careful when reporting,” the FSC said.
The FSC recently established a crypto committee, which convened its inaugural meeting on November 6 to deliberate on the possibility of removing restrictions on institutional crypto participation.
Corporations in South Korea are de facto prohibited from trading cryptocurrencies on exchanges that provide fiat-to-crypto services.
According to local regulations, investors are required to utilize real-name accounts at licensed institutions that have formed partnerships with cryptocurrency exchanges. Banks typically prohibit corporations from opening such accounts in order to adhere to Anti-Money Laundering guidelines, and only five exchanges have established such partnerships.
South Korea’s cryptocurrency market has been predominantly propelled by retail investors in the absence of corporate participation, which has established the Korean won as one of the world’s top fiat trading currencies for cryptocurrency earlier this year.
This week, a fleeting political crisis provided a stark reminder of the size of South Korea’s crypto market. After the National Assembly overturned President Yoon Suk Yeol’s declaration of martial law, the president retracted it within six hours.
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