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The South Korean Financial Services Commission (FSC) has officially denied reports suggesting it is poised to permit companies to buy cryptocurrency using their balance sheets.
According to a report by Hanguk Kyungjae, the FSC clarified to media representatives that such claims are “not true.”
Clarification from the FSC
Speculation began earlier this month, fueled by reports suggesting that the FSC was preparing to allow:
- Universities and schools to trade crypto donations for fiat currency.
- Corporate entities to purchase cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
These reports implied a phased approach, with “ordinary” companies gaining access before financial institutions.
However, an FSC spokesperson debunked these claims, stating:
“We are still discussing whether we will allow corporations [to buy and sell crypto]. The reports are not true. The Financial Services Commission’s Virtual Assets Division has not confirmed anything about this matter.”
Current Legal and Regulatory Landscape
While South Korean law does not explicitly prohibit companies from holding cryptocurrency, trading digital assets like BTC or ETH requires exchange-linked bank accounts.
Under current FSC guidelines, financial institutions are instructed to reject crypto-related applications from corporate clients, effectively barring businesses from active crypto trading.
Bitcoin ETF Speculation Also Denied
Reports had also surfaced claiming that South Korea would approve crypto spot exchange-traded funds (ETFs) in 2025. These claims have also been dismissed by the FSC, which stated:
“We have not discussed the timing of the launch of virtual asset ETFs. These reports are completely groundless.”
Corporate Frustrations and Global Competition
The FSC’s cautious approach has left some South Korean companies feeling disadvantaged compared to international competitors.
- American firms like MicroStrategy and Japanese companies such as Remixpoint have actively built significant Bitcoin reserves.
- South Korean firms argue that regulatory restrictions prevent them from leveraging crypto assets as part of their financial strategies.
Despite these frustrations, the FSC maintains that more consultation is required before any regulatory changes are introduced.
Growing Institutional Demand
Industry leaders, including Kim Seo-jun, CEO of blockchain accelerator Hashed, have highlighted a surge in institutional demand for Bitcoin ETFs in South Korea and globally.
However, the FSC remains hesitant, citing concerns that corporate approval could exacerbate the already high demand for crypto custody and exchange services.
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