As a researcher who has been closely monitoring the cryptocurrency market in South Korea for quite some time now, I can say that the recent news about the Financial Services Commission (FSC) potentially allowing corporate crypto accounts is certainly intriguing. However, given the FSC’s statement emphasizing ongoing discussions and lack of final decisions, I would advise caution in interpreting these reports as definitive.
Contrary to some rumors, South Korea’s Financial Services Commission (FSC) has stated they will not be releasing a timeline for allowing corporations to open cryptocurrency accounts before the end of the year.
According to reports from Korea Economic Daily, it is said that the Financial Services Commission (FSC) has devised a multi-step strategy for allowing businesses to engage in cryptocurrency trading, with universities and local governments potentially participating in 2025. It’s anticipated that corporations and financial institutions will enter this space in subsequent phases, as per the report.
As a crypto investor, I’ve got to keep an eye on the latest updates. Recently, the Financial Services Commission (FSC) stated that no definitive decisions have been made regarding certain matters, and they’re still in active discussions. So, we’ll just have to wait and see what unfolds.
The Financial Services Commission (FSC) has indicated that the topic of requiring real names for corporate virtual asset accounts will be discussed further, and they haven’t decided on the specific details yet. So, when sharing information about this matter, it’s important to approach with care.
The Forest Stewardship Council (FSC) established a cryptocurrency panel last month, which convened for the first time on November 6 to debate easing limitations for institutional involvement in cryptocurrencies.
In South Korea, corporations are effectively barred from engaging in cryptocurrency trading on platforms that allow the exchange of fiat currency for cryptocurrencies.
According to local rules, investors must maintain genuine bank accounts linked to authorized cryptocurrency platforms that are partnered with licensed banks. So far, only a handful of exchanges (five, to be exact) have formed these partnerships. It’s worth noting that banks usually forbid companies from opening such accounts to adhere to Anti-Money Laundering regulations.
In the absence of significant corporate involvement, retail investors have played a dominant role in driving South Korea’s cryptocurrency market, thereby establishing the Korean Won as one of the leading fiat currencies used in global cryptocurrency trading during the first part of this year.
This week, the magnitude of South Korea’s cryptocurrency market garnered attention amidst a temporary political predicament. President Yoon Suk Yeol announced martial law, an action later nullified by the National Assembly, leading to its withdrawal by the president in just six hours.
During this six-hour period, our country contributed significantly to the approximately $35 billion worth of cryptocurrency trades that took place globally every day, as reported by local media based on their analysis.
In 2024, up until October, this amount surpassed the entire cryptocurrency trading volume of Indonesia for the whole year. Indonesia holds the third position in the Chainalysis Global Cryptocurrency Adoption Index.
Read More
- CTXC PREDICTION. CTXC cryptocurrency
- WRX PREDICTION. WRX cryptocurrency
- GFI PREDICTION. GFI cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- I’m a Celebrity voting figures revealed after Danny Jones crowned winner
- RIF PREDICTION. RIF cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- FXS PREDICTION. FXS cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- CORE PREDICTION. CORE cryptocurrency
2024-12-05 16:30