South Korea is about to lift the ban on cryptocurrency trading for organizations and businesses after more than 6 years of restrictions.
The Financial Services Commission of South Korea stated that this decision aims to meet the growing demand of the global market and the development of blockchain-related businesses.
Who Will Be Allowed to Participate in Crypto Trading?
In the first half of this year: Non-profit organizations, schools, charities, and law enforcement agencies will be allowed to sell the virtual assets they hold.
In the second half of the year: Listed companies and professional investors will be allowed to buy and sell cryptocurrencies, opening up significant opportunities for the South Korean financial market.
Why is South Korea Changing Its Policy?
The ban on cryptocurrency trading has been in place since 2017 to curb excessive speculation and combat money laundering.
However, in light of the strong development of the global cryptocurrency market, the SFC recognizes the need to adjust policies to facilitate the growth of the digital economy.
Protecting Users and Managing Risks
The Virtual Asset User Protection Act has been enacted to protect consumers when participating in the cryptocurrency market.
The SFC is committed to closely monitoring to ensure safety and transparency in digital asset transactions.
Strategic Steps on the Global Crypto Map
Lifting the ban on crypto trading allows South Korea to join the global race, while also creating momentum for tech companies and attracting international investment.
Risk Warning
The cryptocurrency market is always highly volatile, investors need to be cautious and thoroughly research before participating. Crypto is not suitable for everyone, consider carefully to avoid financial risks.
