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Bitcoinist 2025-02-14 06:00:08

South Korea Opens Crypto Market to Corporations, But Financial Firms Left Out

South Korea Opens Crypto Market to Corporations, But Financial Firms Left Out

South Korea’s financial regulator is making strides in its approach to cryptocurrency by allowing certain organizations and corporations to open bank accounts for crypto transactions, according to latest report. This move, which comes as part of the Financial Services Commission’s (FSC) broader effort to align with global standards, marks a significant policy shift that opens new possibilities for corporate participation in the virtual asset market. While the nation’s financial companies remain barred from trading in crypto, the new measures pave the way for other entities—including law enforcement agencies , universities, and listed firms—to legally transact in digital assets. Crypto Account Access Expansion But There’s Limitations The decision builds on steps already taken in late 2024, when the National Tax Service and other government agencies began selling confiscated digital currency holdings. Financial Services Commission (FSC) Vice Chairman Kim So-young noted: We’ve reached the consensus on the permission of corporate participation in the cryptocurrency market, considering overseas cases where the virtual asset ecosystem has been primarily developed around corporations. Starting in the second quarter of this year, nonprofit organizations such as accredited charities and universities will also be permitted to open bank accounts for these purposes. Additionally, some 2,500 listed companies and professional investors will gain access to the market by mid-year, provided they comply with forthcoming guidelines designed to prevent money laundering and ensure transaction transparency. Interestingly, despite these developments, the FSC continues to enforce strict boundaries for traditional financial institutions. Banks, brokerages, and other financial companies are still prohibited from buying or selling cryptocurrencies, including offering crypto-backed ETFs. The regulator cited ongoing concerns about market risks and the potential for speculative trading. According to report, for now, financial companies must rely on existing frameworks and refrain from holding virtual assets directly. The regulator has stated that any transaction approvals for corporate accounts will depend on rigorous screening processes, ensuring that only verified sources of funds and clearly defined transaction purposes will gain the green light. Institutional Crypto Sales: SFC’s New Directive In addition to corporate access, South Korea’s Financial Services Commission (SFC) plans to permit institutions to sell their digital asset donations. This change, set to roll out in the second half of 2025, will enable charities and universities to sell crypto donations that were previously restricted. The SFC statement read: In the second half of the year, a pilot test will be conducted for accounts for investment and financial purposes for some institutional investors with risk-taking capabilities. These measures mark a significant shift in South Korea’s approach to crypto regulations, as the country continues to gradually open its digital asset ecosystem while implementing stringent oversight measures. Featured image created with DALL-E, Chart from TradingView

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