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The South Korean Financial Services Commission announced it is working on removing barriers to virtual asset transactions in response to rising global interest. According to the Commission’s statement, changes in regulations are intended to address the developments at the international level in the market.
Scope of the Regulation
As part of the plan, non-profit organizations, educational institutions such as charities and universities, as well as law enforcement, will be permitted to obtain licenses for cryptocurrency sales in the first half of the year. A regulatory framework has been prepared to facilitate these institutions in their operations.
New Scenario and Implementation Plans
In the second half of the year, publicly listed companies and professional investors will be allowed to trade virtual assets. Institutions and banks have been subject to restrictions since 2017 to control market speculation and prevent money laundering.
It was emphasized that the recently enacted Virtual Asset User Protection Law has established infrastructure aimed at protecting users. While renewing legislation, efforts are being made to take into account market developments and international practices.
“Major countries generally allow institutions to participate in the market, and local companies are increasingly showing demand for new blockchain-related business.” – South Korea Financial Services Commission
The proposed regulation will enable monitoring of new business models and technological developments in response to market demand. Economic dynamics and international examples are being considered during the preparation phase of the regulation.
The upcoming regulatory framework may require investors and market participants to act cautiously regarding risk management. It is crucial to monitor potential changes in market conditions in light of current regulations.
