South Korea to allow listed firms to trade cryptocurrencies in second half

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South Korea to allow listed firms to trade cryptocurrencies in second half - Korea Economic Daily

Quick Summary:

LISTED FIRMS, PROFESSIONAL INSTITUTIONS TO TRADE FROM H2From the second half, about 3,500 listed companies and professional investment corporations registered under the Capital Markets Act will be permitted to open corporate accounts for virtual asset ownership and trading on a pilot basis.

South Korea plans to allow companies listed on the local stock market to trade virtual assets, including cryptocurrencies, on a pilot basis in the second half amid a rekindled crypto craze worldwide.

BAN ON FINANCIAL FIRMS TO REMAIN INTACTThe FSC said financial institutions will remain excluded from the new policy, delaying the introduction of Bitcoin spot exchange-traded funds (ETFs) in Korea.“Financial companies, such as banks and brokerage houses, will be banned from selling or buying crypto assets as we need to further assess potential risks when they participate in the market,” said an FSC official.