South Korea to Allow Corporate Access to Crypto Accounts Under New FSC Plan

South Korea’s Financial Services Commission (FSC) has unveiled a structured approach to granting corporations access to real-name virtual asset accounts.

This decision, announced at the 3rd Virtual Asset Committee meeting, marks a major shift in regulatory policy, enabling businesses to participate in the crypto market while maintaining oversight.

For years, corporations were barred from direct crypto trading due to concerns over money laundering and market volatility. Additionally, South Korean banks imposed strict limitations on issuing real-name accounts to businesses.

However, with the global expansion of corporate crypto participation and the introduction of the Virtual Asset User Protection Act, the FSC has chosen to gradually ease these restrictions.

Phased Rollout of Corporate Crypto Accounts

The FSC’s plan follows a phased implementation strategy, ensuring that financial oversight remains intact.

Phase 1: Early Access for Key Institutions (Until Q2 2025)

• Law enforcement agencies, non-profits, and virtual asset exchanges will gain access to real-name crypto accounts.
• Government agencies such as the National Tax Service and Korea Customs Service already use these accounts for tracking criminal proceeds and tax enforcement.
• Non-profit organizations may accept crypto donations, provided they establish robust control measures.
• Virtual asset exchanges will be permitted to manage corporate funds for operational purposes, under strict market stability guidelines.

Phase 2: Institutional Investors & AML Measures (Post-2025)

• Professional investment corporations will gain access, allowing institutional investors to participate in crypto markets.
• Anti-money laundering (AML) protocols will be implemented to mitigate financial risks.
• Banks and crypto exchanges will conduct thorough assessments before granting account approvals.

Phase 3: Broadening Corporate Participation (Mid-to-Long Term)

• Non-professional businesses will eventually be allowed to apply for virtual asset accounts.
• This phase depends on updates to South Korea’s virtual asset laws and amendments to the Foreign Exchange Transactions Act.

Regulatory Oversight and Future Developments

The FSC aims to ensure corporate crypto participation aligns with financial regulations. Future discussions will focus on stablecoin regulations, business transaction standards, and cross-border transaction monitoring.

Vice Chairwoman Kim So-young confirmed that lawmakers are working on amendments to token security laws, with discussions ongoing in the National Assembly. The FSC also plans to refine and update regulations as necessary.

Conclusion

South Korea’s decision to gradually integrate corporate participation in the crypto market signals a major regulatory shift. The FSC’s structured approach balances financial stability, compliance, and innovation while ensuring consumer protection.

If successfully implemented, this phased rollout could position South Korea as a leader in corporate crypto adoption, setting a precedent for other nations.