South Korea’s financial regulators have opted for caution regarding corporate cryptocurrency trading, postponing their decision to allow corporate accounts. This development emerged during the second meeting of the Virtual Asset Committee, held on January 15, 2025, according to a report from the Korea Times.
The Financial Services Commission (FSC) Vice Chairman Kim So-young revealed that significant progress had been made on the policy review concerning corporate investment in digital assets. “The issue of allowing accounts for corporations, which was discussed previously, has undergone extensive review through 12 subcommittee and task force discussions,” Kim stated during the meeting. He added that the review process is “nearing completion,” and results will soon be disclosed, enabling the next steps to proceed promptly.
Despite the anticipation surrounding this decision, corporate crypto accounts were not the primary focus of the meeting. Instead, the FSC concentrated on other critical policy areas, delaying the much-anticipated corporate access to real-name trading accounts.
Anticipation Builds for Corporate Crypto Access
The South Korean crypto community has been eagerly awaiting approval for corporate crypto trading accounts, with speculation pointing toward a gradual rollout by 2025. While South Korea has not explicitly prohibited such accounts, regulators have reportedly guided banks to refrain from issuing them. This regulatory ambiguity has left many corporations in limbo, unable to participate in the burgeoning crypto market.
The FSC’s first Virtual Asset Committee meeting, held in November 2024, sparked expectations that the issue would be addressed during subsequent sessions. However, regulators have chosen to prioritize broader crypto regulatory measures over immediate action on corporate trading accounts.
Crypto Investor Protection and Stablecoin Regulations
A key focus of the January 15 meeting was the second phase of South Korea’s landmark crypto investor protection law, which came into effect in July 2024. The law’s initial phase emphasized user protection measures, such as safeguarding deposits and regulating unfair trading practices. The second phase aims to close regulatory gaps in areas like crypto asset issuance, distribution, and disclosures.
“We are officially beginning discussions on the second phase of the law. A comprehensive and systematic approach encompassing businesses, markets, and users is necessary,” Kim remarked.
Additionally, the committee plans to develop a distinct regulatory framework for stablecoin transactions and related businesses. This move signals the government’s intent to address the unique challenges posed by stablecoins within the broader digital asset ecosystem.
