Will Corporate Accounts Open...Virtual Asset Committee to Convene on the 15th

Kim Byung-hwan, Chairman of the Financial Services Commission. Photo courtesy of the Financial Services Commission

The Virtual Asset Committee under the Financial Services Commission will hold a meeting on the 15th of this month. Attention is focused on whether corporate entry into the virtual asset market will be allowed.

According to related ministries on the 7th, the Virtual Asset Committee plans to hold its first meeting of the year on the 15th of this month. This will be the second meeting since its launch in November last year. The agenda is expected to include discussions on whether to allow corporate virtual asset accounts.

Under the current system, corporations, unlike individuals, cannot create accounts to invest in virtual assets. Both inside and outside the virtual asset industry, there has been a consistent call for allowing corporate investment in virtual assets to foster the domestic virtual asset market.

Initially, the government planned to announce whether corporate virtual asset accounts would be allowed last year. Kim So-young, Vice Chairman of the Financial Services Commission, said after the first meeting of the Virtual Asset Committee in November last year, "We mainly discussed real-name accounts and there will be an announcement within the year." However, discussions were delayed due to national confusion caused by the December 3rd emergency martial law situation.