Beginning this year, the Financial Services Commission of South Korea (FSC) has revealed a plan that allows companies to gradually invest in digital assets such as cryptocurrencies. This gradual process aims to simplify business involvement in the burgeoning virtual asset market.
In my role as an analyst, I’m sharing that under the newly established guidelines, I will be able to gradually set up identifiable accounts for corporations on cryptocurrency trading platforms. This information has been circulated in our local news outlets.
At present, only individuals who have authenticated their identity under the Special Money Act are permitted to invest in cryptocurrency. Although corporations aren’t explicitly banned, banks haven’t been opening such accounts based on past instructions from the Financial Services Commission (FSC). Now, the FSC is collaborating with the Virtual Asset Committee to create a straightforward process for companies to obtain identity-verified accounts, starting with nonprofit organizations.
The Financial Services Commission (FSC) intends to introduce the “Virtual Asset Phase 2 Act,” a new set of regulations governing the issuance and trading of digital assets. According to FSC Secretary General Kwon Dae-young, these discussions will cover establishing listing standards, creating stablecoins, and defining rules of conduct for virtual asset exchanges.
Additionally, the Financial Stability Council (FSC) is enhancing safeguards for investors. They are strengthening regulations concerning meme coins and introducing sophisticated detection methods to combat unjust trading activities. Significant entities in the cryptocurrency sector will undergo more stringent assessments to verify they adhere to social credit requirements.
Beyond cryptocurrency, the Financial Services Commission (FSC) is stirring things up for tech firms in the financial sector as well. From now on, financial holding companies can own up to 15% of fintech companies, an increase from the previous 5%. Furthermore, fintech subsidiaries will have more autonomy to partner with other financial institutions. These adjustments are designed to foster innovation and collaboration within the finance industry.
Additional strategies involve enhancing senior citizen insurance programs, such as exploring innovative methods to convert death benefits into retirement income streams and expanding indemnity insurance coverage limits up to age 110. Furthermore, credit card services are undergoing changes, with proposals for facilitating peer-to-peer transactions and processing rent payments directly through credit cards.
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2025-01-08 18:29