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The country’s securities regulator will also allow 3,500 corporations and professional investors to open “real-name” accounts on cryptocurrency exchanges as part of a pilot program.
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South Korea’s Financial Services Commission (SFC) is set to allow institutions to start selling their digital asset donations and instruct banks to offer more services to cryptocurrency firms.
South Korea’s main financial regulator will allow charities and universities to sell their crypto donations starting in the second half of 2025.
The SFC previously restricted institutions from opening accounts on cryptocurrency exchanges.
As part of a pilot program, the new regulations will allow 3,500 corporations and professional investors to open “real-name” accounts in the first half of the year, before being allowed to sell their assets, according to a Feb. 13 announcement by the FSC, which stated:
“In the second half of the year, a pilot test will be conducted for accounts for investment and financial purposes for some institutional investors with risk-taking capabilities.”
The regulator’s decision is a positive sign of crypto adoption, considering that corporate virtual asset transactions have been restricted by the South Korean government since 2017, to “alleviate speculation” and money laundering-related concerns.
The FSC also plans to enable cryptocurrency exchanges to sell their crypto holdings, including user-generated fees.
Related: Corporate crypto investments in South Korea inch closer to approval
This article first appeared at Cointelegraph.com News
