South Korea has initiated the process of lifting the ban on institutional cryptocurrency trading, announced by the Ministry of Finance.
Plan for Gradual Ban Lift
South Korea plans to gradually lift the ban on institutional trading of virtual assets that has been in place since 2017, aiming to reduce speculation and fight money laundering through cryptocurrencies.
First Phase Implementation
In the first phase, organizations such as law enforcement, non-profits, school corporations, and universities will be allowed to engage in trading and exchange of crypto assets. These groups will have access to exchange services in the first half of 2023.
Future Steps and Collaboration
In the second half of 2023, approximately 3,500 listed companies and corporations are expected to fully engage in digital asset trading. Efforts will be supported in collaboration with organizations such as the Financial Supervisory Service of South Korea, the Korea Federation of Banks, and the Digital Asset eXchange Alliance (DAXA), which will develop control standards and regulations.
South Korea is taking significant steps towards regulating and easing the ban on institutional cryptocurrency trading, indicating an attempt to expand organizations' participation in the crypto market.
