🚨 BULLISH: South Korea will allow businesses to invest in crypto after 9 years of ban
According to Sedaily, the Financial Services Commission (FSC) of South Korea has developed guidelines permitting listed companies to trade crypto:
- Up to 5% of equity capital per year.
- Only the top 20 cryptocurrencies by market cap on 5 major domestic exchanges.
- Whether stablecoins pegged to USD like USDT will be included is still under discussion.
From 2017 to now, the South Korean crypto market has been nearly 100% retail investors. The new regulations are estimated to open the door for ~3,500 institutions to participate.
Although welcome, many voices are concerned that the 5% limit is still overly cautious, potentially preventing South Korea from having Bitcoin reserve companies like Japan's Metaplanet.
The FSC expects to release the final guidelines in February, with trading possibly starting by the end of this year.
