South Korea’s Financial Services Commission (FSC) has denied reports that it plans to release a roadmap for corporate crypto accounts by the end of the year, Cointelegraph reported.
The Korea Economic Daily, citing unnamed sources, said the FSC has prepared a phased plan to allow corporate crypto trading, starting with universities and local governments in 2025, followed by businesses and financial institutions.
However, the FSC said in a statement on December 4 that no final decision has been made and discussions are still ongoing. The FSC said that the issue of real-name accounts for corporate virtual assets will be further discussed and specific measures have not yet been determined.
The FSC recently formed a crypto committee and held its first meeting on Nov. 6 to discuss lifting restrictions on institutional crypto participation.
In South Korea, businesses are effectively banned from trading cryptocurrencies on exchanges that offer fiat-to-crypto services. Local regulations require investors to use real-name accounts at licensed banks that partner with cryptocurrency exchanges. Only five exchanges have established such partnerships, and banks generally prohibit businesses from opening these accounts to comply with anti-money laundering guidelines.
South Korea’s crypto market is largely driven by retail investors, with the won becoming one of the world’s top fiat currency trading pairs earlier this year.