韩国允许企业投资加密货币，年度上限为自有资本5%

Core Viewpoint - South Korea's financial authorities are set to implement a second phase of cryptocurrency investment policies, allowing listed companies and qualified institutional investors to invest up to 5% of their own capital in cryptocurrencies like Bitcoin and Ethereum, potentially attracting around 3,500 institutions and companies with significant capital [1][2]. Group 1: Regulatory Developments - The final rules for the cryptocurrency investment policy are expected to be announced in January or February, with companies likely permitted to start trading by the end of the year [1]. - The proposed regulations include a 5% annual investment cap on companies' own capital to mitigate risks associated with large-scale investments in cryptocurrencies [1][2]. - The investment scope will be limited to the top 20 cryptocurrencies by market capitalization on South Korea's five major exchanges, with the list updated biannually based on trading data [1]. Group 2: Market Impact and Comparisons - The inclusion of stablecoins, particularly USD stablecoins, is still under discussion by South Korean financial authorities [2]. - The introduction of institutional investment is expected to accelerate the issuance of Korean won stablecoins and promote the launch of Bitcoin spot exchange-traded funds (ETFs) [2]. - While the approval for cryptocurrency investment is welcomed, the 5% cap is viewed as low compared to more open policies in the US, Japan, the EU, and Singapore, which may hinder capital inflow and the growth of professional cryptocurrency investment firms [2]. Group 3: Future Projections - By the second half of 2025, the average daily trading volume on South Korean cryptocurrency exchanges is projected to be approximately 5.5 trillion won [3].