South Korea Gradually Eases Cryptocurrency Trading Restrictions
In the ocean of finance, South Korea is brewing a revolution regarding cryptocurrency trading. The Financial Services Commission (FSC) of South Korea recently announced a phased easing of restrictions on institutional investors opening accounts at cryptocurrency exchanges. Behind this decision is the close cooperation between the FSC and the Digital Asset Committee, aimed at injecting new vitality into the cryptocurrency market.
Currently, South Korea's Financial Information Use Act only allows individual investors to participate in cryptocurrency trading through real-name authentication. However, with this new policy from the FSC, institutional investors will have more opportunities to participate in this market in the future. The first to be opened are non-profit organizations, which will have the opportunity to open accounts at cryptocurrency exchanges and participate in trading.
This initiative is one of the commitments made by President Yoon Suk-yeol to promote the development of the local cryptocurrency industry. He hopes that such policy adjustments will bring greater development space to the South Korean cryptocurrency market. At the same time, the government is also actively promoting the local listing of spot cryptocurrency ETFs to further boost the development and growth of the market.
To better regulate and manage the cryptocurrency market, the FSC will also revise the Financial Information Act. The revised law will introduce a major shareholder review system for virtual asset service providers (VASP). The implementation of this system will help protect investors' interests and prevent improper behavior and risks in the market.
This series of policy adjustments and reforms will undoubtedly bring new opportunities and challenges to the South Korean cryptocurrency market. We look forward to seeing more institutional investors and non-profit organizations participate in this market in the future, jointly promoting the development and prosperity of the South Korean cryptocurrency industry.