The Financial Services Commission (FSC) of South Korea has denied reports that it will allow companies to use their balance sheets to purchase cryptocurrencies. Earlier this month, reports indicated that the FSC was prepared to allow universities and schools to convert donations made in cryptocurrencies into fiat currency, and it was also reported that the FSC would allow 'ordinary' companies to purchase cryptocurrencies before banks do in the future. 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. Guidelines from regulators instruct financial institutions to reject all such applications from corporate clients. Previously, according to South Korean media reports, the Financial Services Commission (FSC) planned to allow public institutions such as universities to trade cryptocurrencies by 2025, and eventually to allow companies to open corporate crypto wallets.