The chairman of the South Korean Stock Exchange, Jeong Eun-bo, contends that South Korea must promptly institutionalize the crypto market to avoid lagging behind other nations. In an interview with Maeil Kyungjae, he stated that similar to traditional finance, the crypto market requires institutionalization to overcome regulatory hurdles. Failure to do so would mean South Korea can’t compete with countries that have embraced crypto and established regulations treating virtual assets on a par with traditional ones.
He noted the rapid growth of crypto adoption globally, with its trading volume exceeding that of the domestic stock market. Currently, no crypto firms are listed on the South Korean Stock Exchange, local companies can’t include crypto investments in their balance sheets, and the government hasn’t approved Bitcoin spot exchange-traded funds. Some in the financial investment industry deem the current situation of banning Bitcoin spot ETFs while allowing leveraged trading for conventional ETFs illogical from an investor protection perspective.
Additionally, the South Korean National Assembly has put all crypto-related regulations on hold until mid-2025 following President Yoon Suk-yeol’s impeachment. The Constitutional Court has up to six months to determine the fate of the impeachment.
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