Hold onto your hats, folks! The Land of the Morning Calm, aka South Korea, has decided to throw its hat into the crypto ring. Yep, you heard it right!
After years of keeping corporate fingers out of the crypto pie, the South Korean Financial Services Commission (FSC) has announced a u-turn. They’re calling it the “Roadmap for Corporate Participation in the Virtual Asset Market”. Sounds like they’re about to embark on a thrilling rollercoaster ride!
From Ban to Can: A Hearty Change of Heart
Remember how they’ve been wary of crypto trading since 2017? Well, they’ve had a change of heart, and it’s all thanks to the Virtual Asset User Protection Act. Plus, they’ve noticed that the world isn’t ending as institutional players join the global crypto party. So, they’re jumping on the bandwagon!
Discussions started in December last year, and after a month-long chat, they’ve decided to let corporate entities in gradually. The first step? Selling, of course!
A Phased Approach: Slow and Steady Wins the Race
The plan is to roll out corporate participation in phases. By the first half of 2024, they’ll allow real-name accounts for selling. This means law enforcement agencies can sell confiscated crypto assets. And by the second quarter, universities, charities, and the likes can join the party too!
Crypto exchanges will also get a piece of the action, being able to convert transaction fees into cash. But don’t worry, there’ll be guidelines to prevent any funny business!
Institutional Investment: The Pilot Program
Once the initial phase is over, they’re planning a pilot program for institutional investors. They’ll open real-name trading accounts for investment and financial activities. But don’t get too excited, financial institutions are still not part of the club!
So there you have it, folks! South Korea’s diving headfirst into the crypto world. Will it be a smooth ride or a bumpy one? Only time will tell!
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2025-02-13 15:16