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South Korea plans to gradually lift institutional cryptocurrency trading restrictions
South Korea plans to gradually lift the restrictions on institutional investors opening accounts on cryptocurrency exchanges, according to the Financial Services Commission (FSC) of South Korea. The FSC will work with the Digital Asset Commission to allow non-profit organizations to participate in the first batch. Currently, South Korea's Financial Information Use Act only allows retail investors who pass the Know Your Customer (KYC) process to trade cryptocurrencies. This initiative is part of President Yin Xiyue's commitment to promoting the local encryption industry, and the government is also promoting the local listing of spot encryption ETFs. The FSC will also revise the Financial Information Act to introduce a major shareholder review system for Virtual Asset Service Providers (VASPs).