It is with no small measure of astonishment that one learns of South Korea’s intention to gradually permit its esteemed corporations to engage in the trading of cryptocurrencies, as recently proclaimed by the Financial Services Commission. One might almost imagine the collective gasp of the financial community! 😲
On the thirteenth day of February, in the year of our Lord two thousand and twenty-three, the SFC did release a most enlightening press statement, wherein it delineated a phased approach to lifting the ban that had hitherto prohibited institutions from dabbling in the rather mysterious realm of virtual assets. Whispers of such a momentous decision had begun to circulate earlier this year, much to the intrigue of the populace.
In the inaugural phase of this ambitious program, it is proposed that law enforcement agencies, non-profit organizations, and even the venerable institutions of learning shall be permitted to sell cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This allowance, it seems, is intended solely for the purpose of cashing out—how delightfully practical! These entities shall gain access to the services of virtual asset exchanges within the first half of the year, as if they were entering a grand ball. 💃
Following this initial foray, South Korea shall unveil a pilot program enabling approximately 3,500 listed companies to engage in the buying and selling of cryptocurrencies. This grand venture is anticipated to commence in the latter half of the year, thereby ushering in a new era of digital asset trading for professional investors, all under the watchful eye of the Capital Market Act. One can only hope they dress appropriately for such an occasion! 🎩
It is worth noting that a ban on crypto trading for corporations and other professional entities has been in place since the government’s restrictions of 2017, a measure taken to combat speculation, money laundering, and the ever-dreaded market manipulation. How noble of them! 🙄
According to the SFC, the enactment of the Virtual Asset User Protection Act has established essential safeguards for users, ensuring that they may navigate this brave new world with a modicum of security.
Moreover, it is quite remarkable to observe the global trend wherein other nations have permitted corporations to enter the digital asset market. The demand for blockchain-related investments and services has compelled the local market to adapt, as the regulator has astutely noted.
The FSC has plans to assemble a task force comprising relevant organizations, with the aim of crafting a regulatory framework for internal control standards. Assisting in the formulation of these crypto trading guidelines will be the Financial Supervisory Service, the Korea Federation of Banks, and the Digital Asset eXchange Alliance, or DAXA—what a mouthful! 😅
Collaboration with market participants, such as exchanges and industry experts, is deemed essential to the roadmap targeting the corporate foray into the virtual asset market, as the FSC has wisely observed. One can only hope that this collaboration is as harmonious as a well-rehearsed symphony! 🎶
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2025-02-13 20:21