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South Korea’s Financial Services Commission (SFC) has announced that the ban on cryptocurrency trading for institutions will be partially lifted. This policy shift aims to encourage participation in the rapidly growing crypto market, marking a significant change in direction.
Phase One: Non-Profit Organizations Allowed to Sell
Starting in the first half of this year, non-profit organizations such as charities, universities, school associations, and law enforcement agencies will be allowed to sell their virtual assets.
Phase Two: Companies and Investors Enter the Market
In the second half of the year, the trading ban will be further relaxed to allow publicly listed companies and professional investors to both buy and sell cryptocurrencies.
Banks and Large Corporations Still Restricted
For now, banks and major corporations will remain restricted in their trading activities. However, the SFC emphasized that the introduction of the Virtual Asset User Protection Act has been an important step in ensuring user protection.
Growth of the Blockchain Sector in South Korea
“Major countries worldwide are allowing businesses to participate in the crypto market, and now domestic companies are also seeing increasing demand for new blockchain-related business models,” the regulator stated in an official announcement.
New Opportunities for Investors
This easing of restrictions could lead to greater institutional participation in South Korea’s crypto market, creating new investment opportunities for both individuals and businesses looking to benefit from the growth of blockchain technology and digital assets. 🚀
