Financial authorities will allow the issuance of real-name verification deposit and withdrawal accounts (real-name accounts) for corporations starting in the second quarter. This means that corporate transactions involving virtual assets, which had been prohibited until now, will become possible. For the time being, only the sale for the purpose of cashing out virtual assets received as donations or sponsorships by universities and others will be allowed.
In the second half of the year, financial authorities plan to pilot the issuance of real-name accounts for select institutional investors. However, it will likely take time before the scope is expanded to include corporations and financial companies.
On the 13th, the Financial Commission held the 3rd Virtual Asset Committee and decided to allow the issuance of real-name accounts for designated donation organizations that are managed and supervised by universities and relevant authorities starting in the second quarter of this year. However, only sales transactions for cashing out held virtual assets will be permitted, rather than transactions for buying and selling. Virtual asset exchanges will also be allowed to sell virtual assets received as fees.
Previously, banks did not issue real-name accounts for corporations due to concerns over money laundering risks and administrative guidance from financial authorities. To buy and sell virtual assets like Bitcoin in won, it is necessary to create a real-name account linked to transactions at a bank under the Specific Financial Information Act.
Financial authorities had only allowed corporation account openings for public interest purposes for certain government departments. The prosecution, National Tax Service, and Customs Service currently hold accounts for selling confiscated virtual assets. Universities are not included in this group. As a result, major universities like Seoul National University are unable to cash out virtual assets valued at 6 billion won that they received as donations.
In the second half of this year, the target of allowing real-name accounts will expand to institutional investors. Among the 'professional investors' under the Capital Markets Act, listed companies and corporations registered as professional investors, excluding financial companies, will be included as targets, amounting to 3,500 firms. The Financial Commission noted, "Considering that professional investors are already allowed to invest in derivatives with the highest risks and volatility, we will pilot the issuance of real-name accounts for trading with investment and financial purposes."
It is expected to take time before the target for allowing real-name accounts expands to include general corporations and financial companies. The Financial Commission indicated that it would review the matter in the medium to long term after the completion of preparations for the second phase of virtual asset legislation and the refinement of related systems such as accounting and taxation. Kim So-young, deputy chair of the Financial Commission, stated, "The virtual asset legislation is not complete, so it will take time to expand to general corporations." In the first meeting of the Virtual Asset Committee, there was consensus that a cautious approach is necessary as the risks of virtual assets can be transmitted to the financial system.
Meanwhile, financial authorities plan to expedite the second phase of virtual asset legislation. This phase is expected to include regulations on virtual asset listing and disclosure systems, as well as a separate regulatory framework for stablecoins (virtual assets linked to the value of fiat currency).