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South Korea’s Financial Services Commission has dismissed reports of a phased corporate crypto account roadmap, confirming that no decisions have been finalized. The announcement highlights ongoing restrictions as the country’s thriving crypto market awaits institutional access.
FSC Dismisses Corporate Crypto Roadmap Rumors
Reportedly planning to publish a roadmap allowing corporate crypto accounts before the end of the year, South Korea's Financial Services Commission (FSC) has dismissed the rumors.
According to Korea Economic Daily's reported anonymous sources, the FSC is preparing to begin allowing corporate crypto trading in 2025, with universities and local governments as the first participants. According to the source, corporations and financial organizations will reportedly join the process later on.
In a statement released on December 4, however, the FSC clarified that negotiations had not yet concluded and that no decisions had been approved.
South Korea’s FSC Emphasizes Ongoing Crypto Discussions
“The issue of corporate real-name accounts for virtual assets is set to undergo further discussion, and specific measures have not yet been finalized. Therefore, please exercise caution in reporting,” the FSC stated.
The FSC's crypto committee met for the first time on November 6 to deliberate easing regulations on institutional crypto participation, after the committee's recent creation.
Corporations in South Korea are practically barred from using cryptocurrency exchanges that convert fiat currency to cryptocurrency.
Anti-Money Laundering Rules and Corporate Restrictions
Per Cointelegraph, to comply with local requirements, cryptocurrency exchanges must work with licensed banks that allow investors to use their real names when opening an account. Banks typically forbid firms from opening such accounts in order to comply with Anti-Money Laundering laws, and just five exchanges have established such arrangements.
The South Korean crypto sector has been largely driven by retail investors, without the involvement of corporations. Earlier this year, the Korean won solidified its position as one of the top fiat trading pairings for cryptocurrencies globally.
Retail-Driven Market Highlights Crypto Growth in South Korea
During a short political crisis this week, the size of South Korea's cryptocurrency sector was brought to light. Within six hours of declaring martial law, President Yoon Suk Yeol withdrew his order, and the National Assembly later reversed it.
Local media analysis indicates that this six-hour timeframe contributed to the almost $35 billion in 24-hour crypto trading activity for the nation.
Up to October of 2024, this amount was higher than the total volume of bitcoin traded in Indonesia. Global Crypto Adoption Index by Chainalysis places Indonesia at #3.
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