South Korea is set to ease its restrictions on local institutional participation in cryptocurrency trading, as reported by Yonhap news agency on Wednesday, referencing the Financial Services Commission (FSC).
The FSC, which oversees the nation’s financial regulations, announced plans to gradually permit institutional investors to open accounts on crypto exchanges. The move will start with non-profit organizations, and the FSC will collaborate with the Digital Asset Committee to implement the change.
Currently, South Korea’s financial regulations only allow retail traders who have been verified with their official government names to engage in crypto trading. While there has been no outright ban on institutional investors, the FSC has been advising financial institutions not to provide exchange access to corporate entities.
This development aligns with one of President Yoon Suk-yeol’s campaign promises to support the local cryptocurrency market. Both Yoon and the ruling People Power Party have advocated for the introduction of spot crypto exchange-traded funds (ETFs) in the country, a product that is not yet available.
According to Yonhap, the FSC is also focused on refining its regulatory framework in line with the Virtual Asset Investor Protection Act, which was enacted in July. The next phase of this legislation will concentrate on setting guidelines for stablecoins, crypto exchanges, and token listings. Additionally, the FSC plans to revise the Financial Information Act to introduce a system for vetting major shareholders of crypto service providers.
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