South Korean regulator denies reports it will soon allow businesses to buy cryptocurrencies

PANews reported on December 24 that according to Cryptonews, South Korea’s Financial Services Commission (FSC) denied reports that it will soon allow companies to use their balance sheets to purchase cryptocurrencies.

Reports emerged earlier this month that the Financial Services Commission was preparing to allow universities and schools to convert crypto donations into fiat currency. According to reports, this represents the first step in the roadmap. They added that the same roadmap would eventually allow South Korean companies to purchase currencies such as Bitcoin and Ethereum. Reports also claim that the Financial Supervisory Authority will allow “ordinary” companies to purchase cryptocurrencies ahead of the banking industry.

South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH, and altcoins, individuals need to open an account with a cryptocurrency exchange. Regulatory guidelines require financial institutions to reject all such applications from corporate clients.