South Korea To Lift Crypto Trading Ban For Institutions

According to CoinDesk, South Korea's Financial Services Commission (SFC) announced plans to lift a ban that has prevented institutions from trading cryptocurrencies. This decision comes in response to the growing global participation in the crypto market. The SFC revealed on Thursday that non-profit organizations, including charities, university and school corporations, and law enforcement agencies, will be permitted to sell their virtual assets by the first half of the year. By the second half, listed companies and professional investors will also be allowed to engage in buying and selling cryptocurrencies. The restrictions on corporations and banks trading virtual assets were initially imposed in 2017. These measures aimed to curb "overheated speculation" and address concerns related to money laundering. However, with the introduction of the Virtual Asset User Protection Act, a framework for user protection has been established, paving the way for the lifting of these restrictions. The SFC emphasized that major countries are increasingly allowing corporations to participate in the crypto market. Additionally, the domestic market environment is evolving, with a rising demand for new blockchain-related businesses among local companies.