South Korea's FSC Denies Plans to Allow Corporate Cryptocurrency Purchases

According to PANews, the South Korean Financial Services Commission (FSC) has refuted reports suggesting it will soon permit companies to use their balance sheets to purchase cryptocurrencies. Earlier this month, reports indicated that the FSC was preparing to allow universities and schools to convert cryptocurrency donations into fiat currency, marking the first step in a broader roadmap. This roadmap was purported to eventually enable South Korean companies to buy cryptocurrencies like Bitcoin and Ethereum. Additionally, it was claimed that the Financial Supervisory Commission would allow 'ordinary' companies to purchase cryptocurrencies before the banking sector. Currently, South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, individuals wishing to trade Bitcoin, Ethereum, and altcoins must open accounts linked to cryptocurrency exchanges. Regulatory guidelines require financial institutions to reject such applications from corporate clients.