Chairman of the South Korean Inventory Alternate, Jeong Eun-bo, believes the nation ought to act shortly in institutionalizing the crypto market or danger falling behind different nations.
In an interview with South Korean media outlet Maeil Kyungjae, Eun-bo argued the crypto market must be institutionalized in the identical means that conventional finance has so as to overcome regulatory roadblocks.
In the event that they fail to take action, Eun-bo believes South Korea won’t be able to compete with nations which have already embraced crypto and put forth rules that place digital property on equal standing with conventional property.
“If we’re imprecise with our therapy of digital forex and deal with it as a speculative asset, we are going to fall behind when it comes to worldwide competitiveness,” he mentioned.
He emphasised how crypto adoption within the international market has developed at such a fast tempo that it even managed to surpass the home inventory market when it comes to buying and selling quantity.
“The typical day by day buying and selling quantity of the home inventory market is roughly 20 trillion received ($13.9 billion). However the digital forex market has surpassed this since Donald Trump was elected as U.S. President,” mentioned Eun-bo.
The Chairman’s remarks got here after he not too long ago attended the World Alternate Market summit, the place crypto-relates points have been “significantly mentioned” in the course of the convention.
On the time of writing, there are not any crypto corporations formally listed on the South Korean Inventory Alternate and native firms are nonetheless unable so as to add crypto investments to their stability sheets. Not solely that, the nation’s authorities has but to approve the launch of Bitcoin (BTC) spot exchange-traded funds.
Based on the report, some insiders within the monetary funding trade identified that banning spot ETFs that observe the worth of Bitcoin whereas permitting leveraged buying and selling for standard ETFs “is mindless from an investor safety standpoint.”
Sadly, monetary traders must wait a bit of longer earlier than any main modifications could be made for Bitcoin spot ETFs or the broader crypto market in South Korea.
As beforehand reported by crypto.information, an official confirmed the South Korean Nationwide Meeting has determined to place all crypto-related rules on hold till mid-2025, following proceedings for the impeachment of President Yoon Suk-yeol.
Based on Associated Press, the South Korean parliament voted to question President Yoon after his short-lived martial legislation decree that despatched the nation right into a political disaster. After the vote handed, the Nationwide Meeting handed movement 204-85 and Yoon’s presidential powers and duties have been suspended.
The Constitutional Courtroom now has as much as six months to resolve whether or not to maintain Yoon’s impeachment or restore his presidency.
