The Presidential Committee on the Fourth Industrial Revolution has recommended that bitcoin should be listed directly on the country’s sole securities operator, Korea Exchange (KRX).
According to a report by Business Korea on Jan. 6, the committee suggests allowing additional crypto financial products, such as derivatives, to operate in the country.
The Presidential Committee, a group which is set up by the South Korean government, recommended that regulators introduce business licenses for cryptocurrency exchanges due to the growing popularity of crypto trading. The report said it is “no longer possible to stop crypto-asset trade.”
According to the committee,
The Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade.
In addition to the creation of business licenses, the committee has recommended that the government promote a Korean custody solution for crypto-assets, in order to avoid having to rely on foreign parties.
Participants in the traditional capital market such as securities firms and banks should develop and introduce domestic custody solutions to handle crypto assets so that the Korean crypto-asset custody market will not depend on foreign countries.
The report continues, saying the “Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade.”
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