Reports indicate that regulatory bodies in South Korea are progressing with proposals to allow institutional investors to invest in cryptocurrencies.
As a researcher, I’ve recently learned about an exciting development originating from South Korea: The Financial Services Commission (FSC) has unveiled its strategy to introduce corporate investment in digital assets gradually. This move will be facilitated by the creation of real-name corporate trading accounts, as reported by Yonhap News Agency on January 8th.
According to reports, the regulatory body has unveiled this new project in line with the Financial Stability Council’s 2025 agenda, aiming to strengthen financial resilience and speed up financial advancements.
The report mentions that although it’s not against the law for banks to open real-name accounts for corporations, in practice, local authorities have been advising banks not to do so unofficially.
Lack of timeline specifics and previous controversy
Based on reports from Yonhap, the Financial Services Commission (FSC) is set to examine a proposal for slowly introducing corporate investment in cryptocurrencies. This examination will be carried out following consultations with the Virtual Asset Committee, which convened for its inaugural meeting in November 2024.
There is no specific timeline for discussing the initiative, another local report suggested.
Currently, several matters are under consideration in the market, leading us to carefully align the agenda and schedule for our committee meeting. As a result, I’m unable to provide a precise timeline or details about what will be discussed at this time,” a source connected to the FSC’s crypto division reportedly said.
New findings fuel the ongoing debate about the possibility of South Korea allowing corporations to invest in cryptocurrencies.
In December 2024, the FSC clarified that they had not planned to release a roadmap allowing corporate cryptocurrency accounts by the end of the year. They mentioned that certain details were still under discussion and needed further consideration.
cryptoMoon reached out to the Financial Services Commission seeking their comments on recent news items, however, they didn’t respond before our article went live.
FSC official called South Korea to align with global crypto regulations
Besides focusing on the management of corporate cryptocurrency accounts, Secretary-General Kwon Dae-young emphasized the importance of synchronizing South Korea’s cryptocurrency guidelines with international cryptocurrency regulations.
The official mentioned that it’s important to have a conversation about establishing guidelines for creating listings, managing stablecoins, and setting codes of behavior for digital asset trading platforms.
“We will work to align with global regulations in the virtual asset market.”
The news emerges as South Korea grapples with a significant political predicament, triggered by President Yoon Suk Yeol’s brief implementation of martial law in December 2024.
On January 8th, legal representatives of President Yoon spoke out against attempts to arrest him due to his declaration of martial law, while the nation’s interim leader voiced worry about potential conflicts between law enforcement officers and the president’s security detail.
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2025-01-08 17:05