Starting next year, South Korea will allow universities and local governments to open cryptocurrency accounts, gradually easing corporate trading restrictions

ChainCatcher news, according to the Korea Economic Daily, the Financial Services Commission of South Korea plans to release a roadmap for opening corporate cryptocurrency trading accounts by the end of December. The first phase will allow non-profit entities such as central government departments, local governments, public institutions, and universities to open real-name accounts. The second phase will allow related businesses such as cryptocurrency exchanges to open won accounts, while the opening of accounts for general enterprises and financial institutions will be included in a medium- to long-term plan.

Cryptocurrency donations previously accepted by institutions such as Seoul National University could not be redeemed due to the inability to open trading accounts. It is reported that the approximately 1 billion won worth of WEMIX tokens held by Seoul National University will be convertible into cash for school finances under the new policy. Financial authorities stated that this move aims to address the issue of holding cryptocurrencies due to non-voluntary factors such as confiscation or donation, while also promoting the upgrade of related industries.