South Korea’s Financial Services Commission (FSC) denied reports claiming that the government has finalized a roadmap for issuing real crypto accounts to companies including public institutions and nonprofits, according to a December 4 press release.
Local media, including Hankyung, reported earlier in the day that the FSC planned to release a roadmap by the end of December, outlining a phased approach to the issuance of crypto accounts by companies.
The reports suggested that non-profit organizations, such as universities and local governments, would be prioritized in the first phase, while broader participation from businesses and financial institutions would be considered in later phases. The articles also attributed the prioritization of nonprofits to the need for crypto accounts to facilitate liquidity rather than for investment purposes.
In an official statement, the FSC clarified that no decisions have been made on the issuance of real crypto accounts for companies. The regulator stressed that the issue is still under investigation and discussed through the Virtual Asset Committee, which involves stakeholders including government agencies, private sector experts and financial institutions.
The FSC said:
“The roadmap for corporate virtual asset accounts is still being discussed and no concrete regulatory actions have been finalized yet. We urge caution when interpreting speculative reports.”
South Korea has been cautious in its approach to crypto regulation, often balancing innovation with concerns about speculative trading and potential abuse. While individuals can access crypto trading platforms under strict identification protocols, corporate access remains limited amid ongoing deliberations over security and compliance issues.
Industry experts say a formal policy allowing corporate crypto accounts could be an important step for South Korea’s digital asset ecosystem. However, given the global scrutiny of crypto regulation and the risks associated with fraud and money laundering, regulators are likely to proceed with caution.
The FSC has called for accurate reporting on developments to prevent disinformation as it continues to review comprehensive policies for the crypto sector.