BIDAX CEO says corporate crypto entry needs independent custody rules

South Korea is stepping up work on a framework for corporate participation in the digital-asset market, with the National Assembly set to accelerate discussions on the Digital Asset Basic Act in the second half of the year and regulators preparing related market-opening guidelines. At a July 23 seminar in Seoul, Ahn Do-geol of the Democratic Party said the Financial Services Commission’s roadmap for phased corporate participation had not been followed by fast enough action and said lawmakers would push discussions forward. The Financial Services Commission and the Korea Financial Intelligence Unit said guidelines for opening the corporate market will be prepared in connection with the second phase of legislation, alongside measures to improve digital-asset storage and management and strengthen anti-money-laundering safeguards. The update broadens an earlier debate over whether custody should be treated as a separate regulated business by adding clearer political backing for the legislative timetable and stronger emphasis on AML controls. Industry participants including BIDAX CEO Ryu Hong-yeol and Kyobo Securities director Shin Hee-jin said corporate access will require trusted institutional infrastructure, including custody arrangements, internal controls and a clear division between trading, asset safekeeping, oversight and accountability. Ryu said corporations and institutional investors should be required to use independent custodians, while Kim Sung-jin, head of the virtual-asset division at the Financial Services Commission, said authorities are considering whether to classify custody as a separate business category during the second phase of legislation.