South Korea Unveils Three-Phase Plan for Corporate Real-Name Accounts in Virtual Assets

The Korean Financial Services Commission (FSC) has announced a three-phase plan to establish corporate real-name accounts for virtual assets. The first phase, expected to be completed by the second quarter of 2025, will allow law enforcement agencies, non-profit corporations, and virtual asset exchanges to open accounts. The second phase, slated for the second half of 2025, will expand the service to around 3,500 professional investment corporations. The third phase will consider opening up to general corporate entities.

The FSC stated that it will gradually advance this plan after improving anti-money laundering supervision and institutional development. This move is part of the commission's ongoing efforts to regulate and promote the responsible use of virtual assets in the country.

The establishment of corporate real-name accounts for virtual assets is expected to enhance transparency and security in the virtual asset market. It will also help to prevent illegal activities such as money laundering and tax evasion. The FSC's plan is a significant step towards creating a more robust regulatory framework for virtual assets in South Korea.

The FSC's announcement comes amidst a global trend towards increased regulation of virtual assets. Many countries, including China, Japan, and the United States, have implemented or are considering implementing similar measures to address the risks associated with virtual assets. The FSC's plan is a reflection of South Korea's commitment to keeping pace with international standards in the regulation of virtual assets.

The FSC's plan is also a response to the growing demand for virtual assets in South Korea. The country has seen a significant increase in the number of virtual asset exchanges and users in recent years. The establishment of corporate real-name accounts for virtual assets is expected to further boost the growth of the virtual asset market in South Korea.

The FSC's plan is a welcome development for the virtual asset industry in South Korea. It is a clear signal that the government is committed to promoting the responsible use of virtual assets and creating a more favorable regulatory environment for the industry. The FSC's plan is expected to enhance transparency, security, and stability in the virtual asset market, while also helping to prevent illegal activities.