The Financial Services Commission of South Korea (FSC) denied reports that it would allow companies to use their balance sheets to purchase cryptocurrencies. Earlier this month, there were reports that the FSC was preparing to allow universities and schools to convert donations made in cryptocurrencies into fiat currency, and it was also reported that the FSC would allow 'ordinary' companies to purchase cryptocurrencies before banks do. South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH, and altcoins, individuals need to open bank accounts linked to cryptocurrency exchanges. Regulatory guidelines instruct financial institutions to reject all such applications from corporate clients. Previously, South Korean media reported that the Financial Services Commission (FSC) plans to allow public institutions like universities to trade cryptocurrencies by 2025, and eventually allow companies to open corporate crypto wallets.