PANews reported on December 3rd that according to Hankyung, starting next year, Korean universities and local governments and other institutions may be able to exchange the cryptocurrency donations they receive into cash. This is because the South Korean government has formulated a plan to gradually allow companies to open legal currency accounts for virtual assets, which has been restricted before.
According to reports, the Financial Services Commission (FSC) of South Korea plans to release a "Roadmap for Allowing Companies to Open Virtual Asset Fiat Currency Accounts" (tentative name) by the end of this month. Currently, to trade won on Korean crypto exchanges, it is necessary to open a real-name account associated with the transaction at a commercial bank. Although there is no explicit regulation prohibiting companies from opening such accounts, banks have been restricting the issuance of accounts based on the authorities' "Anti-Money Laundering Guidelines."
The financial authorities plan to first allow the opening of real-name accounts for non-profit legal entities such as central government departments, local governments, public institutions, and universities (Phase 1). In the second phase, they plan to allow the opening of fiat currency accounts for related businesses such as cryptocurrency exchanges. The government said it will consider allowing general enterprises (Phase 3) and financial companies (Phase 4 and 5) to open legal entity accounts in the medium and long term.
