South Korea's new policy: will gradually open up enterprises, Financial Institutions to set up real-name accounts to participate in Cryptocurrency trading

The Financial Services Commission of South Korea has made an important statement, stating that it plans to gradually open up virtual asset trading to corporations and promote the second phase of regulatory legislation, focusing on Stable Coin management, listing standards, and exchange regulations. (Background: South Korea enforces arrest warrant against Prime Minister Yoon Seok-yeol, confrontation between police and military at the presidential residence! Acting President: Market Stabilization and stable financial forex cannot be ruled out) (Background: South Korea to allow corporate investment in cryptocurrency? Authorities postpone decision until January next year, industry calls for relaxation of restrictions to stabilize the market) The Financial Services Commission (FSC) of South Korea recently released its main work plan for 2025, which includes gradually opening up virtual asset trading to corporations and promoting the second phase of regulatory legislation, focusing on Stable Coin management, listing standards, and exchange regulations, in order to further enhance market regulatory framework. It is worth mentioning that although there is no legal prohibition on corporations applying for real-name accounts for buying and selling cryptocurrencies, financial regulatory institutions have long guided banks to avoid providing such services. However, the current plan will start with non-profit organizations (central government departments, local governments, public institutions, and schools), and gradually formulate specific implementation plans. The first phase will allow non-profit organizations such as central government departments, local governments, public institutions, and universities to open real-name accounts, and the second phase will allow cryptocurrency exchanges and related companies to open Korean won accounts. The opening of accounts for general enterprises and financial institutions will be included in the medium to long-term plan. This is one of the promises made by South Korean President Yoon Seok-yeol during the election period, with the aim of promoting the development of the local cryptocurrency market. At the same time, the government is also considering introducing a Spot Cryptocurrency exchange traded fund (ETF) to fill the current market gap. Additional reading: South Korea’s largest encryption venture capital revealed: Government expected to allow institutional investment in cryptocurrency and domestic coin issuance. Key contents of the second phase of the virtual asset legislation The Financial Services Commission also announced that it will promote the second phase of the virtual asset regulatory legislation, covering the framework for issuance and circulation regulation, including the following key points: Stable Coin management: Formulate relevant regulatory standards to prevent systemic risks. Listing standards: Ensure transparent and rigorous processes when exchanges list tokens. Exchange behavior rules: Regulate market operations and enhance investor protection. Kwang Dae-young, Secretary-General of the Financial Services Commission, added: We will ensure consistency with global regulations. These regulations will align with the global regulatory framework to enhance South Korea’s competitiveness in the international virtual asset market. Amendments to laws and market outlook As part of the regulatory framework, the Financial Services Commission of South Korea plans to amend the Financial Transaction Information Act, introducing a qualification review mechanism for major shareholders of virtual asset service providers to enhance market transparency and trust. Experts point out that these measures will make South Korea’s virtual asset market more attractive, particularly in promoting corporate investment and driving innovation. Related reports: South Korea enforces arrest warrant against Prime Minister Yoon Seok-yeol, confrontation between police and military at the presidential residence! Acting President: Market Stabilization and stable financial forex cannot be ruled out South Korea to allow corporate investment in cryptocurrency? Authorities postpone decision until January next year, industry calls for relaxation of restrictions to stabilize the market Analysis: Has the Korean stock market been harmed by BTC? <South Korea’s new policy: Gradually allowing corporations and financial institutions to open real-name accounts for cryptocurrency transactions> This article was originally published on BlockTempo, the most influential blockchain news media in Taiwan.