While Bitcoin and altcoins are experiencing declines, South Korea is preparing for a significant change in its approach to cryptocurrency investment.
The Financial Services Commission (FSC) plans to allow companies to invest in cryptocurrencies, local news agency Yonhap reported.
This move is seen as a big step forward for the country's cryptocurrency industry, and it was stated that this move could attract new opportunities for businesses to invest in South Korea.
The report reported that the FSC plans to gradually allow institutional investors to open trading accounts on cryptocurrency exchanges.
Under South Korea’s financial information usage law, only retail investors verified by the government are currently allowed to trade crypto. While the country has not imposed an outright ban on institutional investors, the FSC has advised banks to prohibit and restrict institutions from opening accounts on exchanges.
The removal of restrictions and bans on institutions is expected to be positive for both the crypto industry and the country.
*This is not investment advice.
