6 months ago
South Korea’s Financial Services Commission (FSC) denied reports claiming the authorities has finalized a roadmap for issuing real-name crypto accounts to corporations, including nationalist institutions and nonprofit organizations, according to a Dec. 4 press release.
Local media outlets, including Hankyung, reported earlier successful the time that the FSC planned to merchandise a roadmap by the extremity of December, outlining a phased attack to firm crypto relationship issuance.
The reports suggested that nonprofit organizations, specified arsenic universities and section governments, would beryllium prioritized successful the archetypal phase, with broader inclusion of businesses and fiscal institutions being considered successful aboriginal stages. The articles besides attributed the prioritization of nonprofits to the request for crypto accounts to facilitate liquidity alternatively than concern purposes.
In an authoritative statement, the FSC clarified that nary decisions person been made regarding the issuance of real-name crypto accounts for corporations. The regulator emphasized that the contented remains nether reappraisal and is being discussed done the Virtual Asset Committee, which engages stakeholders, including authorities agencies, backstage assemblage experts, and fiscal institutions.
The FSC said:
“The roadmap for firm virtual plus accounts is inactive undergoing further discussions, and nary factual regulatory measures person been finalized. We impulse caution successful interpreting speculative reports.”
South Korea has been cautious successful its approach to crypto regulation, often balancing innovation with concerns implicit speculative trading and imaginable misuse. While individuals tin entree crypto trading platforms nether strict recognition protocols, firm entree remains restricted amid ongoing deliberations connected information and compliance issues.
Industry experts accidental a ceremonial argumentation allowing firm crypto accounts could beryllium a important measurement for South Korea’s integer plus ecosystem. However, fixed the planetary scrutiny of crypto regulations and the risks associated with fraud and wealth laundering, regulators are apt to proceed cautiously.
The FSC has called for close reporting connected developments to forestall misinformation arsenic it continues to measure broad policies for the crypto sector.
The station South Korean watchdog squashes rumors of firm crypto roadmap appeared archetypal connected CryptoSlate.
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