Chairman of the South Korean Financial Affairs Commission: Will speed up the legislative process of allowing companies to invest in cryptocurrencies and stablecoins

Odaily News Kim Byung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, said that he plans to announce his position on allowing companies to invest in virtual assets (cryptocurrencies) as soon as possible, while also accelerating preparations for the stablecoin regulatory system and the second phase of legislation.
Asked whether the domestic authorities’ stance on virtual assets would change with the Trump administration, Kim said: “There have been concerns about finding a balance between promoting the virtual asset industry and protecting investors. Currently, we are focusing more on investor protection.”
However, there are reports that he is closely following the Trump administration’s stance on virtual assets. He said, “Given these commitments, we are likely to take a more active stance (on virtual assets).”
In addition, currently in South Korea, companies cannot open real-name accounts related to virtual asset exchanges, and therefore cannot invest in virtual assets. Therefore, the authorities plan to gradually allow corporate accounts. Kim Byung-hwan said, "(The company account issue) is an issue discussed by the previous committee, so I will decide and tell you my position as soon as possible."
Regarding the sanctions against Upbit, he explained: "The first sanctions review was conducted yesterday (21st). We will have a rigorous discussion and the results will be announced at that time. I cannot comment on the extent of the sanctions." However, he said that he would consider the possible impact on Upbit users. (News1)