South Korea allows business investment in cryptocurrency? Authorities postpone decision until January next year, industry calls for relaxation of restrictions to stabilize the market

South Korea’s financial regulator, the Korea Financial Commission, was scheduled to announce a decision on whether to allow companies to open cryptocurrencyaccounts within this year, but the Korea Financial Commission announced today that it will postpone its decision until 2025, and is expected to make a decision after the second virtual assets committee meeting in January next year. (Synopsis: Oops!) South Korea’s cryptocurrency profits tax is affected by the president’s impeachment case, which may take effect on New Year’s Day 2025 as originally planned) (Background supplement: South Korea postponed the cryptocurrency profits tax to 2027, will Taiwan’s tax process be affected? Although South Korea is a big country in retail investorCryptocurrency speculation, Korean companies are effectively prohibited from trading cryptocurrency, and local regulations require investors to use real-name accounts of licensed banks that work with Cryptocurrencyexchange, and only five exchanges have such partnerships. But banks typically prohibit businesses from opening these accounts to comply with anti-Money Undering guidelines. However, in November this year, the virtual asset committee established by the Korea Financial Commission held its first meeting to discuss the lifting of restrictions on corporate investment in cryptocurrency, and announced that the results will be announced within this year. South Korea Postpones Corporate Cryptocurrency Account Decision Until 2025 However, the Financial Commission of Korea said today that a decision on whether to allow businesses to open Cryptocurrencyaccount will be delayed until 2025, NAVER reported. Following the first virtual asset committee, a second meeting is expected to be held in January next year to revisit whether to allow the opening of a KRW corporate virtual asset account. It is reported that the South Korean Financial Commission originally planned to allow non-profit legal persons such as central government agencies, local government agencies, public institutions and universities to open real-name accounts in phases, but the final plan has not yet been determined, and due to the recent impeachment political situation, the results of the discussions of the Virtual Assets Committee may need to wait for further review by government agencies. Industry: Institutional Entry Stabilizes Market Prices The ban on corporate investment in cryptocurrency stems from the policy adopted by the State Adjustment Office in December 2017 through the Emergency Administrative Guidance Decision, which requires coordination at the inter-ministerial level, when the Ministry of Planning and Finance, the Ministry of Justice, the Financial Commission, and the Ministry of Science, Technology and Information and Communications decided to prohibit financial institutions from holding Buy or invest in Cryptocurrency. However, the industry generally believes that in order to prevent speculation from overheating, legal persons and institutions should be allowed to participate in the market as soon as possible, and some industry insiders said: The participation of legal persons and institutional investors in the market not only helps to enhance market trust, but also has a positive impact on the establishment of a sound trading culture. The financial strength of institutional investors helps to stabilize market prices, and if their participation is restricted, it may lead to increased market volatility, which in turn stimulates speculation among individual investors. In addition, the report pointed out that as the United States and other major countries accelerate the institutionalization of the cryptocurrency market, the latency of South Korea’s domestic policy decisions has also caused concerns about the decline in international competitiveness, at present, in the case of Mainnet construction, virtual Wallet and other Block chain technology applications gradually expanded, the United States, Japan and the European Union and other major countries have built a cryptocurrency ecosystem dominated by legal persons. Related reports South Korea 2025 intends to implement 20% cryptocurrency profits tax, will Taiwan follow suit? Liquidate your Crypto without paying taxes! South Korea gives ultimatum to 17 Cryptocurrency nationals who owe taxes South Korea, which loves Cryptocurrency Speculation the most, decided at the end of July when the “Virtual Asset Tax Law” will be enforced, will it affect the market? 〈South Korea opens up companies to invest in cryptocurrency? The authorities postponed the decision until January next year, and the industry shouted: relaxation of restrictions can stabilize the market" This article was first published in BlockTempo’s “Dynamic Trend - The Most Influential Block Chain News Media”.