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Cryptocurrency News Articles

The domestic coin market industry was also busy responding to the possibility of allowing corporations to invest in virtual assets this year.

Jan 09, 2025 at 03:50 pm

On the 8th, the Financial Services Commission (Financial Services Commission) announced that it will review the phased permission of issuing real-name accounts of corporations on exchanges in the "2025 Major Business Promotion Plan."

The domestic coin market industry was also busy responding to the possibility of allowing corporations to invest in virtual assets this year.

Financial authorities on Monday left open the possibility of allowing corporations to invest in virtual assets this year, a move that has drawn mixed reactions from the domestic coin market industry.

The Financial Services Commission (FSC) announced in its "2025 Major Business Promotion Plan" that it will review the phased permission of issuing real-name accounts of corporations on exchanges.

"There is a change in global perception of virtual assets," said Kwon Dae-young, secretary-general of the FSC, adding, "We will gradually discuss (policy changes) in consideration of consistency with global regulations."

The Specific Financial Information Act (Special Privileges Act), which took effect in 2021, restricts only accounts that have completed real-name authentication to make virtual asset investments. Financial authorities have so far supervised banks from issuing real-name accounts to corporations, but the announcement signaled the possibility of policy changes.

It is interpreted as reflecting the criticism that the Korean market lags behind international standards while corporate-centered virtual asset ecosystems are active in the U.S., EU, and Japan.

However, the immediate emergence of companies like "Korean-style microstrategy" is not expected.

Financial authorities are discussing the sequential issuance of real-name accounts on the exchange, starting with non-profit corporations such as government ministries, local governments, public institutions, and universities, due to concerns about market confusion if a corporation is allowed to issue them.

The industry believes that virtual asset operators, general companies, and the financial industry still have a long way to go before receiving real-name account issuance benefits.

"In order to expand the door to allowing real-name corporate accounts, virtual assets must be recognized as financial products," said Kim Hyung-joong, a professor at Korea University's Graduate School of Information Protection. "We expect the possibility of allowing for-profit institutions to invest in coins to be at the time when domestic bitcoin futures ETFs are approved."

The domestic coin exchange seems to be in a mood to monitor and respond to future policy changes.

"If corporate accounts are allowed, there will be advantages such as securing market stability," said Oh Si-hak, deputy director of Bithumb's public relations office.

Kim Soo-chan, head of Covit's public relations team, also said, "We are preparing for the recruitment and marketing of corporate sales personnel in preparation for allowing corporate accounts," adding, "If the consignment service of the corporation increases, I think the role of the Korea Digital Asset Trust established by Covit and Shinhan Bank will increase."

The second Virtual Asset Committee, which will discuss whether a corporation will issue a real-name account on the exchange and a detailed roadmap, is scheduled for the 15th of this month.

News source:www.mk.co.kr

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Other articles published on Jan 10, 2025