The coding trade for institutions was lifted in 2024
- noNPROFITS, universities for the sale of digital assets in 2024 under new rules.
- Listed companies, professional investors can trade encryption by mid -2014.
- Financial institutions are still banned from direct encryption circulation.
In a historical step, South Korea is scheduled to allow non -profit institutions and organizations to participate in the encryption market in 2024. However, financial institutions will continue to face strict restrictions on direct encryption circulation.
South Korea raises the ban on institutional encryption
South Korea Financial Services Committee (FSC) Declare Plan to lift a ban on institutional encryption trading, a policy implemented in 2017. The decision is to increase global demand for digital assets and Blockchain services. Initially, non -profit organizations, charities and universities will be able to reach the market in the first half of 2024.
The Financial Services Committee has set new guidelines that allow non -profit entities and law enforcement agencies to buy and sell digital assets. These entities will be allowed to open a verified bank accounts for virtual asset transactions. Professional companies and investors will be able to reach by the second half of 2024 under new regulations to ensure transparency and prevent money laundering.
In 2017, South Korea imposed a ban on speculation and tackling the risk of money laundering. FSC has provided the “Virtual Asset User Protection Law”, which provides a legal framework for consumers’ protection and reduced market risk. This law aims to ensure a safer environment for digital asset transactions.
Financial institutions are still facing restrictions
Although new measures allow institutions to exchange encryption, financial companies such as banks and mediation will continue to be prohibited from direct participation. These institutions are also prohibited ETFSDue to fears of speculative behavior and instability in the market.
These measures will begin with non -profit organizations and public institutions in the second quarter of 2024. These entities will be allowed to sell digital assets and provide encryption donations, which were previously restricted. The experimental phase will begin in the middle of 2025 to enable institutional investors to engage in blockchain -related investments while enhancing security such as third -party custody.
In addition, FSC has determined a strict approval of institutional participants. Only entities that contain funds have been verified and clearly defined transactions will be allowed to open accounts. This process is designed to maintain transparency and reduce the possibility of illegal activity in the market.
However, financial institutions will not be allowed to keep or trading encrypted currencies directly. Banks, mediation mediation and other financial companies must adhere to the current regulatory frameworks and avoid engaging in highly dangerous transactions. FSC will continue to monitor the market and control the regulations to ensure stability and protect consumers.
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