South Korea’s Monetary Companies Fee (FSC) denied stories claiming the federal government has finalized a roadmap for issuing real-name crypto accounts to companies, together with public establishments and nonprofit organizations, in accordance with a Dec. 4 press launch.
Native media retailers, together with Hankyung, reported earlier within the day that the FSC deliberate to launch a roadmap by the tip of December, outlining a phased method to company crypto account issuance.
The stories urged that nonprofit organizations, corresponding to universities and native governments, could be prioritized within the first part, with broader inclusion of companies and monetary establishments being thought of in later phases. The articles additionally attributed the prioritization of nonprofits to the necessity for crypto accounts to facilitate liquidity fairly than funding functions.
In an official assertion, the FSC clarified that no selections have been made concerning the issuance of real-name crypto accounts for companies. The regulator emphasised that the problem stays beneath overview and is being mentioned by way of the Digital Asset Committee, which engages stakeholders, together with authorities companies, non-public sector consultants, and monetary establishments.
The FSC stated:
“The roadmap for company digital asset accounts remains to be present process further discussions, and no concrete regulatory measures have been finalized. We urge warning in deciphering speculative stories.”
South Korea has been cautious in its method to crypto regulation, usually balancing innovation with issues over speculative buying and selling and potential misuse. Whereas people can entry crypto buying and selling platforms beneath strict identification protocols, company entry stays restricted amid ongoing deliberations on safety and compliance points.
Trade consultants say a proper coverage permitting company crypto accounts may very well be a major step for South Korea’s digital asset ecosystem. Nonetheless, given the worldwide scrutiny of crypto rules and the dangers related to fraud and cash laundering, regulators are more likely to proceed cautiously.
The FSC has referred to as for correct reporting on developments to stop misinformation because it continues to judge complete insurance policies for the crypto sector.