- South Korea postpones business cryptocurrency investment decision until 2025.
- FSC will host meetings in January to examine future crypto policy changes.
South Korea’s FSC has rescheduled its decision to raise the ban on corporate crypto investment until 2025. This country ranks among the top in the global crypto market, but authorities banned all institutions from investing in virtual assets in December 2017. In January 2025, officials will hold a series of discussions and meetings to decide whether to lift the ban.
The FSC has plans to consider allowing non-profit organizations to open real-name accounts for virtual assets. Once this is approved, government ministries, local governments, universities, and public institutions might be able to invest in corporations once the ban is lifted. Nevertheless, the ongoing political tension may delay the approval beyond the proposed January meetings, as lawmakers move to impeach President Han Duck-soo.
A History of Caution in South Korea’s Crypto Stance
The Ministry of Strategy and Finance together with the Ministry of Justice barred institutions from investments in crypto assets since 2017. South Korea’s stand on digital currencies has been all over the headlines since it announced the delay in the implementation of crypto gains taxes until 2027.
Although the country actively participates in the crypto industry with a high percentage of crypto traders, its conservative approach towards institutional crypto investment might place it out of step with international trends. In the US, for example, people are now beginning to explore digital currencies, including Bitcoin, as strategic reserves. With this trend being on the increase, South Korea might find itself lagging if it does not become more open to progressive policies on crypto.
South Korea has yet to determine corporate investment into cryptocurrency as the nation continues its deliberations. Authorities plan to make major decisions by early 2025.
In terms of global growth and the emergence of blockchain technology within various fields including virtual wallets, as well as the creation of a mainnet, it’s likely South Korea will regret if it maintains the hesitation; at the current time, those overseas are trying to establish an economic structure focused around the business that supports a framework for virtual assets. End.
