Golden bitcoins and South Korea flag. Digital cryptocy.
South Korea’s Financial Services Commission (SFC) plans on lifting a ban that prevented institutions trading crypto in response to the upsurge in global participation in the market, it said on Thursday. Non-profit organizations like charities, university and school corporations, law enforcement agencies will be able to sell their virtual assets by the first half of the year. By the second half of the year listed companies and professional investors will be allowed to buy and sell crypto.
Corporations and banks have been restricted from trading virtual assets due to government regulations that were put in force in 2017. At the time the blockage was put in place to alleviate “overheated speculation” and address money laundering concerns. With the enforcement of the Virtual Asset User Protection Act, a foundation of user protection has been set, the regulator said in its statement.
“Major countries overseas are broadly allowing corporations to participate in the market, and the market environment is changing as domestic companies are also seeing an increase in demand for new blockchain-related businesses,” the statement said.
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