South Korea’s Financial Services Commission is preparing a new framework for corporate crypto trading, and the early outline is already drawing attention: listed companies may soon be allowed to invest in digital assets, but dollar-backed stablecoins such as USDT and USDC are likely to be excluded from the first approved list. According to local outlet Herald Economy, the draft would let companies buy the top 20 non-stablecoin cryptocurrencies, including Bitcoin and Ether, while regulators are also considering a cap of 5% of a company’s own capital for total crypto exposure.
That would mark a clear shift for the South Korean market. Crypto activity in the country has largely been driven by retail traders, so a formal route for listed companies to enter the market would open the door to institutional participation. Still, the proposal is narrow by design. Stablecoins are being treated separately, and that shows how cautious regulators remain.
The legal issue centers on foreign exchange rules
The main obstacle is not trading demand but legal compatibility. The report says South Korea���s Foreign Exchange Transactions Act does not currently recognize stablecoins as a lawful instrument for international payments. Regulators are concerned that allowing companies to hold and use such tokens could conflict with rules requiring large cross-border payments to move through authorized banks.
This concern goes beyond technical classification. Officials appear worried that corporate access to dollar-pegged tokens could create a channel for moving funds overseas without the same level of bank supervision built into the existing foreign exchange system. For companies that are only beginning to enter crypto, authorities also see stablecoins as a source of added risk, especially while compliance standards and treasury controls are still being defined.
Businesses still want access to stablecoins
Even with that restriction under consideration, local companies are pressing for access to USDT and USDC. The reasons are practical. Firms involved in international trade see stablecoins as a faster and cheaper way to handle cross-border transfers, and they also use them as a tool to reduce the impact of currency fluctuations during settlement.
The report adds that some companies are already using stablecoins through overseas wallets. What they want now is an official and legal structure for corporate use inside South Korea, rather than relying on arrangements that sit outside a clear domestic framework. Demand, in other words, is already there. The question is whether the law can accommodate it.
Bitcoin and Ether first, broader access later
The FSC’s current approach is built around a controlled rollout. If the rules move ahead in their present form, companies would start with large, well-known non-stablecoin assets. That means the first phase would favor cryptocurrencies with deeper liquidity and greater market familiarity, while stablecoins remain outside the gate until the legal foundation changes.
The combination of a top-20 non-stablecoin limit and a 5% cap tied to a company’s own capital creates two clear guardrails for corporate participation. Regulators appear to be using those limits to reduce the chance of large early losses and to contain any broader effect on financial stability while the market structure adjusts.
A pending law could change the outcome
The proposed restriction is not necessarily final. According to the report, South Korea’s National Assembly is reviewing a bill that would recognize stablecoins as a legal payment method. If that measure passes, the conflict with the Foreign Exchange Transactions Act would disappear, and the proposed ban on corporate stablecoin holdings would likely be removed as well.
The report says South Korea is aiming for a market by 2026 that balances innovation with safety. For now, the priority is to let companies enter slowly through assets such as Bitcoin and Ether, while regulators keep close watch on dollar-pegged tokens. In a market long dominated by retail traders, that is already a major policy turn.