South Korea to Lift Ban on Institutional Cryptocurrency Investment
South Korea is planning to lift the ban on domestic institutions engaging in cryptocurrency trading, Yonhap News Agency reported on January 8. Leading financial institutions in South Korea, led by the Financial Services Commission (FSC), have outlined a plan to gradually open up to institutional investors to open trading accounts on cryptocurrency exchanges. This is a significant move to reform the country’s approach to cryptocurrencies.
The financial regulator is actively collaborating with the Digital Asset Commission, which serves as a policy advisory body under the FSC. This approach is expected to create a shift in the management and use of cryptocurrencies by nonprofit organizations in South Korea. Initially, nonprofit organizations will be allowed to open accounts, opening the door for further reforms.