Banks in South Korea Moving Quickly To Partner With Crypto Exchanges Amid New Regulatory Clarity: Report

Banks in South Korea are reportedly rushing to partner with crypto firms as the country’s digital asset regulations become less restrictive.

Last week, South Korea’s Financial Services Commission announced the country would launch a pilot program in the second half of 2025 enabling 3,500 corporate entities to buy crypto for investment and financial purposes.

Corporate crypto transactions have been banned in the country since 2017.

South Korean media outlet NewsPim reports that Upbit, the largest exchange in the country, has partnered with K Bank. South Korea’s second-largest exchange, Bithumb, also reportedly shifted its partnership from Nonghyup Bank to KB Kookmin Bank, the largest bank in the country.

The FSC says the pilot program is expected to expand the level of corporate participation in the crypto sector. The regulator notes that it also plans to strengthen safeguard measures surrounding the sector.

“A set of transaction guidelines will be prepared to provide appropriate information for banks to strengthen verification of the purpose of transactions and the origin of funds, for virtual asset exchanges to make use of third-party custody and management services, and to expand information disclosures made available to investors. Since qualified professional investors may demonstrate different levels of investment capacities, the decision to ultimately issue a real-name verified account will be left to the thorough screening process from banks and virtual asset exchanges.” 

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