South Korea's financial regulatory agencies are considering allowing businesses to participate in the cryptocurrency market, a move believed to promote financial innovation while dealing with increasing political tensions.
According to information from Yonhap on January 8, the Financial Services Commission (FSC) is planning to grant real-name cryptocurrency trading accounts to organizations. This is part of FSC's 2025 work plan, focusing on the goal of financial stability and supporting technological innovation. This move is expected to pave the way for institutional investors to access the digital asset market transparently and legally.
Currently, although there are no specific legal barriers to opening real-name accounts for businesses, banks have yet to implement this type of account due to restrictive guidance from regulators. The FSC plans to hold discussions with the newly established Virtual Assets Committee – which held its first meeting in November 2024 – to outline specific roadmaps. However, there is no clear timetable for the discussions, as the FSC stated that 'the issues in the market are still complex.'
FSC Secretary-General Kwon Dae-young at the 2025 work press conference. Source: Yonhap News
This proposal has sparked controversial debates in public opinion. Previously, in December 2024, the FSC denied information that they would announce a roadmap to allow business cryptocurrency accounts by the end of the year. Related measures are still in the process of being finalized.
At the same time, FSC Secretary-General Kwon Dae-young emphasized the need to establish a cryptocurrency legal framework that aligns with international standards. He proposed stricter regulations on listing standards, stablecoin management, and operations of digital asset exchanges.
These efforts take place against the backdrop of South Korea facing a serious political crisis, after President Yoon Suk Yeol declared a short-term martial law. The president's lawyers, who are currently being impeached, have publicly opposed efforts to arrest him.