According to Golden Finance, the Financial Services Commission (FSC) of South Korea said it plans to gradually lift restrictions on institutional investors opening accounts in cryptocurrency exchanges. The FSC will work with the Digital Assets Commission to open up the first batch of non-profit organizations to participate. Currently, South Korea's Financial Information Use Act only allows retail investors with real-name authentication to trade cryptocurrencies. The move is part of President Yoon Seok-yeol's commitment to promote the development of the local crypto industry, and the government is also promoting 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).