South Korea is ramping up its efforts to regulate virtual asset accounts for corporations and stablecoins, with financial authorities aiming to finalize policies in the coming months. This move comes in response to global trends, particularly in the U.S., where the Trump administration is actively working on crypto regulation.
During a press conference on January 22, Financial Services Commission Chairman Kim Byung-hwan announced plans to reveal the authorities’ stance on corporate virtual asset accounts soon. He emphasized the importance of aligning with international developments while balancing industry growth and investor protection.
Despite a recent oversight in providing updates on corporate account regulations, Chairman Kim reiterated that this remains a top priority for the FSC. The commission is also moving forward with “Stage 2” legislation, which will focus on the issuance and listing of stablecoins and other virtual assets.
In a separate discussion, Chairman Kim addressed the ongoing review of sanctions against Upbit, South Korea’s largest cryptocurrency exchange. The Financial Intelligence Unit found that Upbit had violated KYC regulations, leading to unreported transactions involving virtual assets. Kim assured the public that the authorities are working to swiftly resolve the issue to minimize disruptions for Upbit’s users.
As the regulatory landscape evolves, it is crucial for stakeholders in the crypto industry to stay informed and compliant. The information presented in this article is for educational purposes only and should not be considered financial advice. Readers are encouraged to exercise caution and conduct their own research before making any decisions related to virtual assets.