The regulatory landscape for cryptocurrencies in South Korea is evolving, reflecting the nation’s strong appetite for Bitcoin and various altcoins.

South Korea, having previously signaled its intention to open doors for corporate crypto investments, is now on track to introduce specific market regulations for businesses by the third quarter of this year.

According to reports from The Block, the Financial Services Commission (FSC), South Korea’s financial watchdog, has publicly outlined its plan to release comprehensive guidelines for institutional cryptocurrency investments, aiming for a Q3 rollout.

FSC Deputy Director Kim So-young explained that the agency is targeting April for the initial release of these guidelines, focusing on non-profit organizations (NGOs) and crypto exchanges. Following this, the regulations for public companies and professional investors are slated to be unveiled by the third quarter.

In anticipation of these upcoming changes, Director Kim emphasized the importance of banks and crypto exchanges establishing robust and user-friendly anti-money laundering (AML) systems.

This development builds upon the FSC’s January announcement, indicating a gradual easing of the existing restrictions that have, in effect, prevented institutional investors from engaging with cryptocurrencies.

*This is not investment advice.