South Korea’s Financial Guard has committed to issue clear rules for institutional crypto investment, with a phased rollout starting in April.
South Korea’s Financial Services Commission is moving forward with a plan to allow institutional investors to allow institutional investors in the Crypto market, vice-chairman Kim So-Young said the government is developing a “two-step crypto regulation structure” that extends beyond existing user security laws.
During March 12 meeting Along with the local crypto industry experts, Kim also revealed that the scheme includes Stabcoin rules and a legal structure for tokens securities, saying that the authorities are intensifying efforts to align with global regulatory trends “after the authorities have pushed the crypto to global to make the crypto global”.
The FSC earlier announced a roadmap for the participation of the Corporate Crypto market in February, aimed at taking steps by the market. Now, Kim says that corporate participation in the crypto market is “calling practices for the best practices to create a healthy market, not only about changing laws.”
A task force will draft detailed guidelines with different deadlines for participants. While non-profit and crypto exchanges will get guidelines by April, public companies and professional investors will have them by Q3, Kim said.
Earlier in March, the Financial Intelligence Unit stated that it plans to start a joint response team to handle AML offenses – especially in Crypto – which threatens public livelihood with the help of financial supervisory service and financial institutions. As Crypto.news reported, the officers will also issue warnings to some of the industry players selected on the basis of vulnerability to the AML offenses, media reports and the requests of the industry.
