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South Korea’s Financial Services Commission Lifts Ban on Crypto Trading
New Regulations Allow Institutions to Trade Cryptocurrencies
The South Korean Financial Services Commission (FSC) has announced plans to lift its ban on institutions trading cryptocurrencies, following a surge in global participation in the market.
New Rules Allow Non-Profit Organizations to Sell Virtual Assets
According to the FSC, non-profit organizations, universities, and school corporations will be allowed to sell their virtual assets by the first half of the year.
Professional Investors and Listed Companies to Follow
By the second half of the year, listed companies and professional investors will be allowed to buy and sell cryptocurrencies.
Background: The 2017 Ban
In 2017, the FSC imposed a ban on institutions from trading virtual assets, citing concerns over “overheated speculation” and money laundering.
The Virtual Asset User Protection Act
The FSC has implemented the Virtual Asset User Protection Act, which aims to establish a foundation for user protection.
Global Trends and Market Environment
The FSC noted that major countries overseas are allowing corporations to participate in the market, and the market environment is changing as domestic companies are also seeing an increase in demand for new blockchain-related businesses.
Conclusion
The lifting of the ban on institutions trading cryptocurrencies in South Korea marks an important step forward for the country’s cryptocurrency market. The new regulations aim to balance the need for investor protection with the need for innovation and growth in the industry.
FAQs
Q: What is the reason for the ban on institutions trading cryptocurrencies in South Korea?
A: The ban was imposed to address concerns over "overheated speculation" and money laundering.
Q: What is the Virtual Asset User Protection Act?
A: The Virtual Asset User Protection Act is a new regulation implemented by the FSC to establish a foundation for user protection.
Q: Which institutions will be allowed to trade cryptocurrencies under the new regulations?
A: Non-profit organizations, universities, and school corporations will be allowed to sell their virtual assets by the first half of the year, while listed companies and professional investors will be allowed to buy and sell cryptocurrencies by the second half of the year.
Q: Why is the FSC lifting the ban on institutions trading cryptocurrencies?
A: The FSC is lifting the ban to align with global trends and to promote innovation and growth in the industry.
