South Korea plans to allow non-financial institutions to open cryptocurrency accounts starting from the second quarter

The Financial Services Commission (FSC) of South Korea announced on Thursday that it will allow businesses to open bank accounts for cryptocurrency trading starting from the second quarter of this year. But the institution stated that it will still prohibit financial companies from participating in the virtual asset market, which means that the listing of their virtual asset exchange traded funds (ETFs) will also be temporarily banned. Starting from the second quarter, non-profit organizations such as universities and cryptocurrency exchanges will be allowed to open bank accounts to sell such assets. Starting from the second half of this year, approximately 3500 listed companies and licensed investors will be allowed to trade cryptocurrency assets. Financial companies such as banks and brokerage firms will be prohibited from selling or purchasing cryptocurrency assets as the Financial Services Commission needs to further assess the potential risks associated with their participation in the market. (Golden Ten)