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South Korea’s Financial Services Commission (FSC) is getting ready to announce its decision on possible sanctions against Upbit. The decision comes after findings that Upbit didn’t fully meet customer verification requirements meant to prevent money laundering. The FSC’s Chairman, Kim Byoung-hwan, stated that the review process would soon wrap up , addressing concerns about delays raised by lawmaker Kim Jae-seop. During a National Assembly session, Chairman Kim assured the public that the FSC is working to resolve the matter quickly, pointing out it could affect market dynamics. He clarified that the review process has taken longer than initially thought because of multiple meetings to gather input from all parties involved. Despite the process taking time, Kim indicated that a resolution would be reached soon, given the possible effects for the crypto market in South Korea. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift The Financial Intelligence Unit (FIU) conducted an inspection as part of Upbit’s application to renew its virtual asset service provider (VASP) license and discovered several suspected breaches of anti-money laundering (AML) regulations, including problems in the exchange’s Know Your Customer (KYC) procedures. It is common law that financial institutions in South Korea must verify their customers’ identity using government-issued ID cards to prevent illicit activities. However, Upbit’s processes were found to be incomplete, leading to the discovery of hundreds of thousands of suspected violations. Alongside this matter, the FSC has also announced plans to lift the ban on institutional cryptocurrency trading, which has been in place for nearly eight years. This policy shift, planned to happen in two phases throughout 2025, will align with the increasing demand for blockchain-based financial products while keeping in step with global trends. Related: South Korea Reverses Course: Institutions Get Green Light for Crypto Trading From the second half of 2025, organizations such as universities and charities will be permitted to sell crypto donations. Additionally, the FSC will introduce new guidelines to prevent market manipulation, including stronger listing standards and minimum supply requirements for new crypto assets. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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South Korea’s Financial Services Commission (FSC) has announced plans to gradually lift the ban on institutional cryptocurrency trading, which has been in place for the last 8 years. This policy shift aims to align with global trends and address the growing domestic demand for blockchain-based financial products. Turns out, they’re doing this in two stages, split into the first and second half of the year. In the first half of the year, nonprofits like charities, universities, and law enforcement agencies, will be permitted to open real-name verified accounts on cryptocurrency exchanges. This will enable the said institutions to manage and liquidate crypto donations more effectively. In the second half, a few thousand listed companies and professional investors gain access to the crypto markets through a pilot program. These entities will be allowed to open real-name accounts for investment and financial purposes, marking a notable shift from the previous restrictions. Speaking of the old ban, in 2017, South Korea put a ban on corporate crypto trading due to concerns over market speculation and potential money laundering. However, with the global surge in blockchain adoption and the maturation of the crypto industry, the FSC has now decided to rethink its stance. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift Furthermore, in late 2023, South Korea proposed the Virtual Asset User Protection Act . The new law introduced stronger investor protections, allowing regulators to enforce fair trading practices, prevent fraud, and clear up legal gray areas. This laid the groundwork for safely integrating institutional participation in crypto, with the act coming into effect in mid-2024. Despite the recent regulatory changes, traditional financial institutions, like banks and brokerages, remain prohibited from engaging in cryptocurrency-related activities. These include buying, selling, and offering crypto-backed ETFs. There are likely a few reasons why FSC decided to do this. For instance, many South Korean corporations, universities, and charities had already received cryptocurrency donations or held crypto assets but faced legal barriers in liquidating or managing them. It’s also no secret that South Korea wants to be a global financial hub, but countries like Hong Kong, Singapore, and the UAE have already created favorable environments for crypto businesses (not to mention the US and the EU). Looking at it this way, this move could be South Korea’s way to stay competitive by updating its policies. Related: South Korea’s Jeju Island Leads Blockchain Tourism Push In addition, allowing institutional players to enter the crypto space could drive new blockchain projects, investments, and economic growth, boosting the country’s fintech and Web3 ecosystem. No matter the reason(s), it looks like South Korea is heading toward a more mature and structured crypto market driven by institutional demand, global trends, and new legal frameworks. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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