CandleFocus South Korea gives nod to ‘crypto’; Upbit faces hefty fines
2025-02-25
Author: Content Editor
The Financial Services Commission (FSC) in South Korea has ruled that institutional investors will be able to open accounts on digital asset exchanges starting in the second half of this year. The FSC has launched a new roadmap that will gradually allow corporates to hold digital assets in stages, ending a seven-year ban. The first phase allows corporates to open real-name verified accounts to sell their digital asset holdings for fiat. The second phase, starting in the second half of 2025, expands the functionalities of corporate accounts to engage in other digital asset investment and financial activities. The decision was made due to high demand for digital asset products from institutional investors in South Korea. The FSC also called for strict checks on clients engaging in crypto transactions and the implementation of better screening for new projects by exchanges to limit price volatility. Additionally, South Korea's largest exchange, Upbit, may face billions of won in potential fines for violating Know Your Customer regulations.
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