Key Points:

• South Korea’s Financial Services Commission (SFC) is set to lift the ban on institution trading in cryptocurrencies due to increasing global market engagement.
• Charitable organizations, universities, and law enforcement bodies will be allowed to liquidate their virtual assets in the first half of the year.

In a statement made on Thursday, the SFC mentioned:

“Major countries overseas are broadly 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.”

Previously enforced regulations in 2017 had barred institutions from engaging in virtual asset trading to combat ‘overheated speculation’ and money laundering risks. The upcoming Virtual Asset User Protection Act aims to create a foundational user protection framework.