South Korea’s Crypto Revolution: Guidelines Coming Soon! 🚀💰

by

Ah, mesdames et messieurs! Gather ’round, for the illustrious South Korea’s financial authority has proclaimed a most splendid initiative! They shall soon unveil a veritable tome of guidelines for institutional crypto investment, as if they were preparing a grand feast for the digital asset industry! 🍽️

South Korea’s Watchdog Prepares for a Crypto Gala

On a fine Wednesday, the Financial Services Commission (FSC) convened with the crème de la crème of the South Korean digital asset realm. They engaged in a lively debate, much like a spirited game of chess, over the forthcoming regulatory framework for institutional crypto investment. 🧐

Vice Chairman Kim So-young, with the gravitas of a seasoned actor, declared that the Korean government is “speeding up efforts” to cultivate its crypto market while ensuring the protection of its users. One might say they are racing against time, much like a hare in a fable! 🐇

In a previous act, Jeong Eun-bo, the chairman of the South Korea Stock Exchange, lamented the need for institutionalization of crypto, as if he were a tragic hero seeking to revive the market from its slumber, lest it fall behind its international counterparts. Alas, the stakes are high! 🎭

This Wednesday’s gathering followed the FSC Virtual Asset Committee’s announcement of a roadmap for corporate participation in the crypto market. As reported by the ever-watchful Bitcoinist, the committee reached a consensus in February, allowing institutional investment in this brave new world of digital assets. 🗺️

According to the roadmap, non-profit organizations, including charities and universities, shall soon be able to open bank accounts to access the digital asset market starting in Q2 2025. Meanwhile, companies and professional investors will gain entry in Q3, provided they adhere to the forthcoming FSC guidelines. What a delightful game of compliance! 🎲

For context, dear readers, real-name accounts are required for virtual asset investments in South Korea. Only those accounts that have completed the rigorous verification process under the Specified Financial Transaction Information Act may partake in this digital banquet. However, the financial authorities have been rather coy, guiding banks not to issue these accounts to corporations, despite the absence of legal barriers. A curious conundrum, indeed! 🤔

During the meeting, Vice Chair Kim revealed that detailed guidelines for non-profit corporations and crypto exchanges shall be issued in April, while the rules for listed companies and professional investors will grace us in the third quarter. A most theatrical unveiling awaits! 🎭

Institutional Adoption: More Than Just Laws, Mon Amis!

The FSC Vice Chair, with a flourish, affirmed that creating the “best practices” for a healthy market—encompassing trading, disclosure, and reporting—is essential. He emphasized that institutional participation is “about changing practices, not just laws.” A most astute observation, n’est-ce pas? 🧐

Kim suggested that nonprofit entities establish “minimum internal control standards” to embrace digital assets and disclose the identities of professional investors and the trading process. A veritable masquerade of transparency! 🎭

//bitcoinist.com/wp-content/uploads/2025/03/BTCUSDT_2025-03-12_10-00-43.png?w=980&resize=980%2C526″/>

Read More

2025-03-13 01:43