South Korea to allow institutions to sell cryptocurrency donations
This year is shaping up to be positive for crypto trading in South Korea as the government will allow charities to sell these assets and will expand banking services for companies in the sector
The South Korean Financial Services Commission (SFC) announced that this year it will allow institutions to sell cryptocurrency donations and will instruct banks to offer more services to companies linked to the sector.
“South Korea’s top financial regulator will allow charities and universities to sell their crypto donations starting in the second half of 2025. Previously, the SFC had restricted institutions from opening accounts on crypto exchanges.”
The pilot plan includes regulations that will allow 3,500 corporations and professional investors to open real-name accounts in the first half of the year before they are allowed to sell their assets.
The regulator notes that the project represents a positive step towards the adoption of cryptocurrencies that has been restricted by the government since 2017.
The FSC also plans to authorize crypto exchanges to sell their asset holdings, including fees generated by users. The agency will maintain control of “general corporations that are not professional investors and will complete a review after the second phase of the pilot program.”
The purpose of the transactions and the origin of the funds will be verified to avoid common crimes in this sector, such as money laundering.
For this project, the FSC said it will create a working group with the Financial Supervisory Service and the Korean Federation of Banks and the Digital Asset Exchange Alliance, which together will implement the roadmap to achieve the objectives.
M.Pino
Source: cointelegraph
(Reference image source: Daniel Bernard on Unsplash)
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