South Korea, one of the largest crypto markets globally, postponed its decision on lifting the ban on corporate crypto investments until 2025.
History of the Ban and Its Reasons
In December 2017, South Korea imposed a ban on corporate investments in virtual assets through the Office for Government Policy Coordination. This ban affected several ministries, including the Ministries of Strategy and Finance, Justice, and Science and ICT.
Plans and Conditions for Lifting the Ban
The Financial Services Commission is considering allowing non-profit organizations to open real-name accounts, which would be the first step towards lifting the ban. However, a final decision will be made after a series of meetings in 2025.
Global Trends and South Korea's Position
South Korea maintains a cautious stance on cryptocurrencies despite being one of the largest crypto markets in the world. This is evident in its sanctions against North Korean hackers and the postponement of the crypto gains tax implementation to 2027.
The review of corporate crypto investments in South Korea continues, with a decision expected in 2025. Meanwhile, the country maintains strict regulation of its crypto sector.
