South Korea plans to release new guidelines in the third quarter to lift ban on institutions from investing in cryptocurrencies

PANews March 12th news, according to The Block, South Korea's financial regulator announced on Wednesday that it plans to release comprehensive guidelines for institutional cryptocurrency investment in the third quarter. The Financial Services Commission made this announcement in a meeting with local crypto industry experts. While investment guidelines for listed companies and professional investors are expected to be released in the third quarter, the Financial Services Commission said it aims to launch investment guidelines for nonprofits and cryptocurrency exchanges in advance in April.

The Financial Services Commission first announced in January that it would gradually lift the fact-based ban on institutional investors from investing in cryptocurrencies. Last month, the regulator revealed it intends to allow charities and universities to sell their cryptocurrency assets first in the second quarter. The upcoming detailed guide further consolidates South Korea's shift in cryptocurrency stance and no longer strictly opposes crypto assets entering traditional financial markets.

Meanwhile, the Financial Services Commission has also begun to formulate a second set of rules for a two-part cryptocurrency regulatory framework, the first set of rules was launched last year. The second part of the cryptocurrency law will focus on stablecoins and regulatory cryptocurrency business owners.