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South Korean regulators have denied reports about plans to gradually allow corporate cryptocurrency accounts, clarifying that discussions with banks and other stakeholders are ongoing.

The FSC, while acknowledging that such plans are under consideration, clarified that no immediate roadmap has been finalised for the implementation of corporate cryptocurrency accounts. 

Corporate cryptocurrency accounts are specialised bank accounts designed for organisations and businesses to manage cryptocurrency-related transactions, such as trading, custody, or converting digital assets into fiat currencies, within a regulated framework.

Per a December 4 statement, the plans to allow non-profit and corporate bodies to open such accounts are currently under review.

The regulator clarified that it is consulting with banks, government agencies, financial institutions, and industry experts through platforms such as the Virtual Asset Committee, a regulatory advisory body established earlier this year, to address the matter.

Further, the commission added that any steps taken would prioritise transparency and compliance with anti-money laundering guidelines while ensuring that broader adoption does not destabilise financial markets or encourage speculative behaviour.

According to the reports in question, the FSC had finalised a roadmap to gradually allow corporate cryptocurrency accounts through a multi-phased approach.

The roadmap, would allegedly lay the foundation for integrating crypto into the South Korean financial system.

Unnamed sources in the report claimed the move was influenced by global developments, particularly in the United States, where President Donald Trump had announced plans to create a strategic Bitcoin reserve.

The report further alleged that the first phase would allow real-name accounts for local governments, universities, and public institutions.

As an immediate benefit, it would allow such organisations to convert donated cryptocurrencies into cash for operational use.

While, the second phase would involve allowing crypto exchanges and related businesses to open won-denominated accounts in a bid to support the development of the crypto sector by opening doors to services like issuance, brokerage, and custody.

For general corporations and financial institutions, the roadmap suggested a longer-term review.

Safeguards, such as limiting the percentage of crypto holdings for listed companies, were reportedly under consideration to keep the market in check.

In South Korea, the current regulatory framework permits locals to engage in cryptocurrency trading through real-name bank accounts.

However, corporate entities, including non-profit organizations and financial institutions, face restrictions in this area.

On the other hand, some cryptocurrency exchanges have come under fire as the nation continues to strictly monitor all cryptocurrency-related activities.

Last month, the Financial Intelligence Unit launched an investigation into the nation’s largest crypto exchange, Upbit, for potential KYC violations.

Amid this backdrop, South Korea is mulling the introduction of a crypto tax law that would impose a 20% tax on cryptocurrency gains exceeding 2.5 million won (around $1,800), along with an additional 2% local income tax on applicable profits.

Originally slated for enforcement in 2021, the law has faced a lot of opposition from industry stakeholders and lawmakers, leading to its postponement until 2027.

The post South Korea has no plans to allow corporate crypto trading appeared first on Invezz

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