South Korea’s Financial Services Commission (FSC) has denied reports that it will soon allow companies to purchase cryptocurrencies using their balance sheets, PANews reported.
The FSC is reportedly preparing to allow universities and schools to convert donations made in cryptocurrencies into fiat currency as the first step in the roadmap.
The same roadmap will eventually allow South Korean companies to buy currencies like Bitcoin and Ethereum. The Financial Supervisory Commission will allow “regular” companies to buy cryptocurrencies before the banking industry.
South Korean law does not explicitly prohibit companies from holding cryptocurrencies, but financial institutions are required to reject corporate clients' cryptocurrency trading applications.
