South Korea’s Financial Services Commission (FSC) has finalized a policy roadmap to gradually permit corporate participation in the virtual asset market, marking a major shift from the country’s previous restrictions.

The decision, made during the 3rd Virtual Asset Committee meeting, aims to balance market expansion with user protection and financial stability. 

According to the FSC, the restriction on corporate crypto trading—first imposed in 2017 to curb speculation and money laundering risks—will be lifted in phases. The roadmap introduces real-name account issuance for corporations, a pilot program for institutional investors, and new regulatory frameworks to enhance transaction transparency and prevent market manipulation.

Phased Corporate Entry into the Crypto Market

The FSC will gradually allow corporate participation:

First Half of 2025: Law enforcement agencies and certain non-profit organizations will be permitted to open real-name accounts for transactions.

Second Half of 2025: A pilot program will enable around 3,500 institutional investors and listed companies (excluding financial firms) to engage in virtual asset trading. The selection criteria will be based on financial assets, similar to Hong Kong’s corporate trading regulations.

Future Considerations: General corporations will be reviewed in the mid-to-long term, pending further market analysis and regulatory developments.

To prevent money laundering and conflicts of interest, the FSC plans to introduce trading guidelines, third-party custody recommendations, and enhanced disclosure requirements for corporate investors.

Addressing Market Manipulation & Token Securities Legislation

To address recent concerns over price manipulation in new token listings, the FSC is urging exchanges to strengthen self-regulation. The commission also plans to revise the "Transaction Support Best Practices" to enforce stricter listing criteria and enhance transparency in the review process.

Furthermore, the FSC discussed token securities (STO), aiming to integrate them into the existing Capital Market Act. Proposed legislative amendments will define tokenized securities as digitalized assets, streamline issuance procedures, and enhance investor protections.

Next Steps & Industry Impact

To implement the roadmap, the FSC will form a task force with financial regulators and industry stakeholders to develop internal control standards and corporate trading guidelines.

The FSC reaffirmed its commitment to market stability while gradually expanding corporate access to virtual assets. The changes signal a major shift in South Korea’s cryptocurrency policy, aligning it with global trends in digital asset regulation.

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