South Korea’s Financial Services Commission (FSC) has introduced a structured plan to grant corporations access to real-name virtual asset accounts. The decision follows the 3rd Virtual Asset Committee meeting, where authorities outlined a phased strategy to integrate corporate participation while maintaining regulatory oversight.
Corporations were restricted from trading virtual assets for years due to money laundering concerns and market volatility. Banks also imposed strict limitations on issuing real-name accounts to businesses.
However, with the Virtual Asset User Protection Act and the expansion of corporate market participation globally, the FSC has opted to ease these restrictions under a controlled framework.
Also Read: Gemini Secures In-Principle Approval for Investment Firm License in Malta
Phased Implementation of Corporate Crypto Accounts
Law enforcement agencies, non-profit organizations, and virtual asset exchanges will gain access to real-name accounts in the first phase until the second quarter of 2025. Criminal proceeds and tax enforcement powers already exist through access to these accounts by the National Tax Service, Korea Customs Service, and local government entities.
The inclusion of crypto donation programs by non-profit organizations depends on their ability to establish control standards. Virtual asset exchanges have the authority to handle company assets while seeking operational funding only when following strict market stability guidelines.
The regulatory body will introduce professional investment corporations to participate in a future phase, which will occur after 2025. The stage will create investment access for institutional investors by implementing the anti-money laundering framework.
Banks and exchanges conduct comprehensive evaluations of each corporation to determine its investment capabilities for account approval purposes.
Another phase that is under review will eventually enable non-professional businesses to apply for virtual asset accounts during the mid-to-long period. The last phase calls for new virtual asset laws and modifications to the Foreign Exchange Transactions Act through new legislation.
The proposed regulations will have three primary functions: overseeing exchange operations and stablecoin regulations while following transaction monitoring procedures for cross-border activities.
Regulatory Framework and Future Discussions
The FSC works on developing transparent rules about corporate crypto asset investments that match regulatory requirements. Both discussions regarding stablecoin criteria and business processing standards will advance.
Vice Chairwoman Kim So-young stated that the authorities are working on amendments to token security laws through ongoing National Assembly discussions.
The stepped implementation aims at connecting corporate involvement with digital assets and supports financial market stability while defending customer interests. The regulatory authorities plan to update their measures further following their refinement process.
Also Read: South Korean Crypto Exchange CEO Sentenced to Four Years for Espionage Linked to North Korea
