South Korea’s Financial Services Commission (FSC) has unveiled its ambitious “2025 Key Work Promotion Plan,” which outlines significant regulatory updates for the country’s virtual asset market.
According to the Yonhap News Agency, the FSC is considering allowing corporations to issue real-name accounts for virtual asset exchanges, a move that could reshape corporate participation in the crypto sector.
Gradual Introduction of Corporate Real-Name Accounts
Currently, South Korean regulations under the Specific Financial Information Act mandate real-name verification for individuals investing in virtual assets.
Although there are no legal restrictions against issuing real-name accounts to corporations, financial authorities have historically advised banks not to do so.
The FSC now plans to explore a phased approach, beginning with non-profit organizations, to enable corporations to access real-name accounts. Detailed measures for this rollout are being prepared in collaboration with the Virtual Asset Committee, signaling a step toward increasing corporate participation in the crypto ecosystem.
Strengthening Virtual Asset Regulations
The announcement builds on South Korea’s Virtual Asset User Protection Act implemented last year. The FSC is now working on a Phase 2 Virtual Asset Act that will address key areas such as the issuance and distribution of virtual assets.
Kwon Dae-young, a senior official at the FSC, highlighted critical areas for discussion, including listing standards, stablecoin regulations, and rules of conduct for virtual asset exchanges.
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He emphasized that the goal is to align South Korea’s regulatory framework with global standards, ensuring robust oversight of the rapidly evolving crypto market.
Enhanced Screening and Forensic Capabilities
It aims to improve self-regulation within the industry by refining screening criteria and expanding investigative capabilities. This includes deploying cutting-edge forensic equipment to detect and prevent unfair practices.
Additionally, the FSC intends to revise the Special Financial Transactions Act to include a system for evaluating the eligibility of major shareholders in virtual asset operators. Social credit requirements will also be introduced to ensure accountability and transparency in the industry.
Fintech and Financial Innovation
The agency is also exploring ways to strengthen collaboration between financial holding companies and fintech firms, fostering a more integrated financial ecosystem.
South Korea’s regulatory roadmap reflects a balanced approach to nurturing innovation while ensuring user protection and market integrity. By gradually expanding corporate access to real-name accounts and enhancing regulations, the FSC aims to create a well-regulated yet dynamic crypto and fintech landscape.
The 2025 plan demonstrates South Korea’s commitment to staying ahead in the global financial technology space while fostering trust and accountability in its burgeoning virtual asset market.
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