South Korean FSC to expedite corporate entry into crypto market

South Korea’s Financial Services Commission (FSC) has announced it will expedite plans to allow corporations to participate in the digital asset market, The Herald Business reported on March 5. Speaking at an academic conference in Seoul, Hong Jae-seon, an official from the FSC's Virtual Asset Division, explained that while the commission has been pursuing corporate market participation since last year, progress was slowed by the need to address various incidents and review supplementary measures. "We are reviewing it with a focus on market stability, internal controls, and anti-money laundering (AML)," Hong said. He stated that corporate participation is a prerequisite for the successful implementation of the country's upcoming "second-phase" digital asset legislation, which will diversify business classifications within the sector. "We will do it as quickly as possible in conjunction with the discussions on the second-phase law," he added, noting that over-the-counter (OTC) trading and the role of market makers (LP) could also become necessary in the long term.