South Korea Eases Crypto Rules, Opens Doors for Corporations
According to reports, South Korea plans to gradually lift the ban on corporate investment in virtual assets starting this year.
Yonhap News Agency disclosed the development on January 8, citing information from the country’s financial regulator, the Financial Services Commission (FSC).
Institutional Cryptocurrency Investment Comes to South Korea
FSC has It is said Strategies for opening up the virtual asset space to institutional investors are outlined. The move is expected to create a more regulated and stable environment for retail and institutional cryptocurrency investors in the country.
Now, Korean regulations Restrict the issuance of real-name accounts to enterprises. Although there is no legal impediment to granting such an account, this restriction remains.
Real-name accounts are crucial for virtual asset investment. However, regulators directed banks not to issue these accounts to businesses, limiting institutions’ participation in the market.
Therefore, regulators only allow retail investors to invest cryptocurrency market So far.
According to Yonhap News Agency, the Financial Services Commission announced on January 8 that it would review plans to gradually allow companies to open real-name accounts on exchanges. This will start with non-profit companies and then expand further.
The latest move comes from South Korea This follows the implementation of the Virtual Asset User Protection Act in 2024, which aims to protect individual cryptocurrency investors and increase the overall stability of the market.
Now, the FSC is apparently pushing for the second phase of virtual asset regulation. This includes addressing issues such as stablecoins, listing standards and rules of conduct for virtual asset trading.
“We need to discuss how to formulate listing standards, how to deal with stablecoins, and how to formulate rules of conduct for virtual asset exchanges. We will work hard to comply with global regulations on the virtual asset market.” FSC Director Kwon Dae-young said.
This latest development follows recent revelations that more than 30% of South Korea’s population is investing in cryptocurrencies. Data shows that as of late November, the number of domestic digital asset investors reached 15.59 million, an increase of 610,000 from late October.
Another positive development is that the country Deferring 20% tax on virtual asset income It exceeded 2.5 million won in December. Therefore, South Korea appears to be positioning itself at the top of the global cryptocurrency market with favorable conditions. regulations.
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