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South Korea's financial regulators have announced plans to gradually permit corporate accounts for cryptocurrency exchanges, a move that has sparked optimism within the local crypto industry. This policy shift, which aims to balance regulatory relaxation with strengthened consumer protection, is expected to provide a significant boost, particularly for small and mid-sized exchanges struggling with liquidity.
A Milestone in Corporate Crypto Access
On January 8, the Financial Services Commission (FSC) unveiled its "2025 Key Policy Plan," outlining the phased introduction of real-name corporate accounts for cryptocurrency exchanges. The initiative will initially focus on low-risk entities, such as universities and non-profit organizations, before expanding to broader corporate categories. This development aligns with South Korea's broader goals under the "Second-Stage Crypto Regulation" framework, targeting both industry growth and user protection.
The move addresses a long-standing challenge for South Korea's crypto industry. Major exchanges like Upbit and Bithumb collectively hold over KRW 1.54 trillion (approximately USD 1.16 billion) in digital assets but face operational constraints due to restrictions on corporate accounts under the Special Financial Transactions Act.
Jin Hyun-soo, managing partner at Decent Law Firm, emphasized the significance of this change: "Allowing corporate accounts represents a pivotal step in enhancing transparency and trust in the crypto industry."
A Lifeline for Smaller Exchanges
The policy change is seen as a potential game-changer for smaller cryptocurrency exchanges, which often grapple with limited liquidity. Unlike their larger counterparts, these exchanges face difficulties in securing resources for workforce expansion and technological investments.
"This policy is not just about survival for smaller exchanges," said an industry insider. "It’s about leveling the playing field and enhancing the competitiveness of South Korea’s crypto market as a whole."
Regulatory Challenges Remain
Despite the optimism, concerns about anti-money laundering (AML) regulations persist. Legal experts caution that the introduction of corporate accounts must be accompanied by robust AML standards to mitigate potential risks.
"The implementation must be gradual and carefully monitored to prevent market disruptions," Jin noted. "Clear AML guidelines are crucial to ensuring the policy’s success while maintaining market integrity."
Balancing Growth and Oversight
The gradual introduction of corporate crypto accounts has the potential to catalyze the growth of South Korea's cryptocurrency sector. However, experts urge a cautious approach to avoid unintended consequences stemming from overly lax regulations.
As South Korea navigates this transformative policy, the crypto industry and regulators alike will need to collaborate closely to strike a balance between fostering innovation and safeguarding the market’s integrity.
This policy shift underscores South Korea’s evolving stance toward cryptocurrency, positioning the country to take a leading role in shaping the global digital asset landscape.
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