Odaily Planet Daily News - The South Korean Financial Services Commission (FSC) has denied reports that it will allow companies to purchase cryptocurrencies using their balance sheets. Earlier this month, reports indicated that the FSC was prepared to allow universities and schools to convert donations made in cryptocurrencies into fiat currency. The reports also claimed that the FSC would eventually permit 'ordinary' companies to purchase cryptocurrencies before the banking industry does. South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH, and altcoins, individuals need to open bank accounts linked to cryptocurrency exchanges. Regulatory guidelines instruct financial institutions to reject all such applications from corporate clients. Previously, South Korean media reported that the FSC plans to allow public institutions such as universities to trade cryptocurrencies by 2025, eventually permitting companies to open corporate crypto wallets.

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