South Korea Plans Phased Approach For Virtual Asset Real-Name Accounts

According to Foresight News, South Korea's Financial Services Commission Vice Chairman Kim So-young held the third meeting of the Virtual Asset Committee. The meeting concluded with a decision to implement a three-phase plan for legal entities to open real-name virtual asset accounts. Initially, the plan will allow law enforcement agencies, non-profit organizations, and virtual asset exchanges to open accounts for 'cash conversion purposes.' The initiative will gradually expand to include professional investment entities for investment and financial purposes, as well as general corporations.