The Financial Services Commission (FSC) of South Korea announced plans to gradually lift restrictions on institutional investors opening accounts at cryptocurrency exchanges. The FSC will collaborate with the Digital Asset Committee to allow non-profit organizations to participate in the first phase. Currently, South Korea's Financial Information Utilization Act only allows real-name authenticated retail investors to trade cryptocurrencies.

This initiative is part of President Yoon Suk-yeol's commitment to promote the development of the local cryptocurrency industry, with the government also advancing the local listing of spot crypto ETFs. The FSC will also revise the Financial Information Act to introduce a major shareholder review system for virtual asset service providers (VASPs).