[비즈한국] Domestic KRW-based virtual asset exchanges are launching services for corporate clients one after another. Financial authorities announced early this year that they would gradually allow corporate access to the virtual asset market. However, guidelines for virtual asset trading by listed companies and professional investor firms, which were scheduled to be promoted in the second half of the year, have yet to be released. With exchanges finally rolling out 'half-complete' corporate-only services while waiting, the authorities' response is drawing attention.
Virtual asset exchange Upbit (operated by Dunamu) has officially launched its digital asset service for enterprises. On the 9th, Upbit held the 'Upbit Biz Insight 2025' event for corporate clients and announced the official launch of 'Upbit Biz.' Since August, Upbit has been securing corporate clients by launching a virtual asset custody service for corporations and institutions that have completed the Know Your Customer (KYC) procedure. Custody is a service where virtual assets entrusted by corporate clients are stored entirely in cold wallets disconnected from the internet and managed separately according to the asset type and purpose of use.
With the addition of Upbit, the largest exchange in Korea, all domestic KRW exchanges—with the exception of GOPAX (operated by Streami)—have officially launched corporate services. Korbit was the first to do so, unveiling its corporate-only service 'Korbit Biz' in July. Bithumb held the 'Bithumb BIZ Conference' in October to introduce its services and attract clients. Coinone opened 'Coinone BIZ,' a page dedicated to corporate clients, on December 5.
The reason KRW exchanges are rushing to launch corporate-only services is the expectation that financial authorities will allow corporate trading of virtual assets within this year. However, as no guidelines regarding the issuance of real-name accounts for corporations have been released with the year-end approaching, the likelihood of these exchanges heading into next year with only their service 'doors' open is increasing.
Corporate interest in participating in the virtual asset market is also high. Upbit reported that there are currently 220 corporate clients that have completed KYC. On August 18, Upbit stated that there were 100 corporations capable of liquidating virtual assets; since then, the number of corporate clients has more than doubled, even in the absence of guidelines regarding real-name account issuance.
Following the 'Roadmap for Corporate Participation in the Virtual Asset Market' announced in February this year, financial authorities have been allowing corporate market entry in stages. The roadmap consists of three main phases: Phase 1 allows trading for the purpose of liquidation (cashing out), Phase 2 allows pilot trading for investment and financial purposes, and Phase 3 allows full-scale trading for general corporations. Corporations can participate in the virtual asset market for financial transaction purposes starting from Phase 2. To trade virtual assets for KRW at this stage, corporations must obtain real-name accounts from banks affiliated with the exchange.
Phase 2 of the roadmap involves pilot implementation of real-name accounts for investment and financial purposes, targeting approximately 3,500 entities including listed companies and registered professional investors (excluding financial firms), with a scheduled start in the second half of 2025. The authorities planned to review the opening of real-name accounts for the remaining general corporations under Phase 3 after analyzing the results of the Phase 2 implementation, enacting the second-stage virtual asset law, and refining regulations on foreign exchange and taxation.
However, as we approach the end of the year, there has been no news regarding the approval of real-name accounts for corporations. The Financial Services Commission's Virtual Asset Committee meeting to discuss this has not been held since the implementation of Phase 1 of the roadmap. Currently, only law enforcement agencies (such as the prosecution, National Tax Service, and Korea Customs Service), local governments, non-profit corporations, and virtual asset exchanges can open real-name accounts for the purpose of selling.
As a result, although each exchange has launched a corporate-exclusive page, the available services remain limited. There is also a significant disparity between exchanges. Those that operate coin markets alongside other services, or provide custody and lending services, can secure corporate clients preemptively, regardless of the guidelines.
For instance, general corporations that have passed KYC can trade virtual assets in coin markets. This is because the financial authority guidelines only restrict corporate trading in KRW markets. Upbit is the only exchange among the KRW-based ones that operates both Bitcoin (BTC) and Tether (USDT) markets. Bithumb operated a USDT market as a beta service starting in September alongside its BTC market, but terminated the service on November 28. Bithumb had shared its order book with the Australian exchange Stellar Exchange to increase liquidity, but entered the process of closing the service after financial authorities launched an investigation into Stellar's anti-money laundering (AML) and KYC compliance.
However, the corporate-only services of exchanges that operate only KRW markets are effectively in a standby state. In the case of Coinone Biz, while they advertised various services such as separate corporate fund management, dedicated account managers, transaction report issuance, and enterprise wallet management, they are simply waiting for the authorities' Phase 2 guidelines rather than actively operating. It is reported that the industry also urged the preparation of guidelines for corporate investment during a meeting with Financial Supervisory Service Governor Lee Chan-jin held on September 30.
A source in the virtual asset industry stated, "The corporate-only services currently open are closer to sales-oriented pages. Since it was stated that real-name account issuance for professional investor firms would be allowed in the second half of the year, they have kept them open to be ready to operate at any time." The source added, "Currently, it seems the government is focusing more on preparing the Basic Law on Digital Assets (the second-stage virtual asset law) rather than implementing the roadmap for corporate participation. We are hopeful that this bill will include provisions regarding corporate participation in the virtual asset market."