South Korea expects universities and local governments to be able to honor cryptocurrency donations starting next year, according to Wu. The government plans to gradually allow companies to open virtual asset won accounts.
The financial authorities plan to first open real-name accounts for central government ministries, local governments, public institutions and non-profit organizations such as universities. In the second phase, related businesses such as virtual asset exchanges will be allowed to open won accounts.
The government has decided to review in the medium to long term whether to allow general companies (Tier 3) and financial companies (Tier 4 and Tier 5) to open corporate accounts.