PANews reported on December 24 that according to Cryptonews, the South Korean Financial Services Commission (FSC) denied reports that it will soon allow companies to use their balance sheets to purchase cryptocurrencies.

Earlier this month, reports emerged that the Financial Services Commission was preparing to allow universities and schools to convert donations made in cryptocurrencies into fiat currency. The report said this represented the first step in a roadmap. They added that the same roadmap would eventually allow South Korean companies to buy currencies such as Bitcoin and Ethereum. The report also claimed that the Financial Supervisory Commission would allow “ordinary” companies to buy cryptocurrencies before the banking industry.

South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, to trade BTC, ETH and altcoins, individuals need to open accounts with cryptocurrency exchanges. The regulator's guidelines require financial institutions to reject all such applications from corporate clients.