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Cryptocurrency News Articles

Corporations Allowed to Invest in Virtual Assets

Jan 08, 2025 at 03:37 pm

Starting this year, domestic corporations will be allowed to invest in virtual assets gradually. The Financial Services Commission announced on the 8th in its '2025 Major Business Promotion Plan' that it would consider a plan to gradually allow corporations to issue real-name accounts for virtual asset exchanges through discussions with the Virtual Asset Committee.

Corporations Allowed to Invest in Virtual Assets

Starting this year, domestic corporations will be permitted to invest in virtual assets gradually.

The Financial Services Commission announced in its '2025 Major Business Promotion Plan' on the 8th that it would consider a plan to gradually allow corporations to issue real-name accounts for virtual asset exchanges through discussions with the Virtual Asset Committee.

Currently, under the Specific Financial Information Act, investments in virtual assets can be made using accounts that have completed real-name verification. Although there is no content in the current law that restricts the issuance of real-name accounts to corporations, financial authorities have guided banks not to issue real-name accounts to corporations.

In this regard, the Financial Services Commission plans to prepare detailed measures to gradually allow the issuance of real-name accounts starting with non-profit corporations through the Virtual Asset Committee soon. The Virtual Asset Committee, launched last November, will hold its second meeting on the 15th of this month.

The second phase of legislation on virtual assets, which includes regulations on issuance and distribution, is also being promoted. Kwon Dae-young, Secretary-General of the Financial Services Commission, explained, "Discussions are needed on how to create listing standards, how to handle stablecoins, and how to establish conduct rules for virtual asset exchanges," adding, "We will align with global regulations on the virtual asset market."

The Financial Services Commission plans to amend the Specific Financial Information Act to introduce a major shareholder eligibility review system for virtual asset businesses and add social credit requirements to the review criteria. To protect virtual asset users, it will also promote improvements in self-regulation, such as supplementing review standards for meme coins. Advanced forensic equipment will be introduced to enhance investigations into unfair practices in virtual assets.

News source:bloomingbit.io

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