South Korea To Release Cryptocurrency Account Roadmap By December

According to Foresight News, the South Korean Financial Services Commission is set to unveil a roadmap by the end of December for opening corporate cryptocurrency trading accounts. The initiative will be rolled out in phases, with the first phase allowing non-profit entities such as central government departments, local governments, public institutions, and universities to open real-name accounts. The second phase will enable cryptocurrency exchanges and related businesses to establish Korean won accounts, while the opening of accounts for general enterprises and financial institutions will be part of a mid-to-long-term plan. Previously, institutions like Seoul National University faced challenges in converting cryptocurrency donations into cash due to the inability to open trading accounts. Under the new policy, Seoul National University, which holds approximately 1 billion Korean won in WEMIX tokens, will be able to convert these into cash for financial use. Financial authorities have stated that this move aims to address issues arising from the possession of cryptocurrencies due to non-voluntary factors such as confiscation or donation, while also promoting the advancement of related industries.