At the Virtual Assets Conference 2025, Vice Chairman of South Korea’s Financial Services Commission, Kim So-young, announced plans to finalize a policy review allowing corporations to secure real-name bank accounts for cryptocurrency trading.
Current Restrictions in South Korea
Currently, South Korean banks are prohibited from issuing real-name accounts to corporations for crypto trading, limiting businesses' ability to directly engage in cryptocurrency markets. This forces companies to rely on intermediaries or offshore platforms, reducing transparency and regulatory oversight.
Proposed Policy Changes
The proposed changes aim to allow corporations to open real-name bank accounts for crypto trading on local platforms. This is expected to improve transparency, increase institutional participation, and enhance compliance with anti-money laundering (AML) regulations.
Key Remarks from Kim So-young
Kim emphasized the need for a fair framework that encourages healthy development in South Korea's crypto sector. He also highlighted the importance of addressing corporate challenges to foster innovation and competitiveness. Additionally, Kim noted the FSC's commitment to aligning its policies with international regulatory standards to accommodate the cross-border nature of virtual assets.
South Korea's decision to allow corporate bank accounts for crypto trading marks a significant step in advancing the nation's cryptocurrency ecosystem. This initiative could serve as a model for other countries and strengthen South Korea's role in the global crypto landscape.
