Chief of South Korean Stock Exchange says crypto should be institutionalized quickly

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As a seasoned analyst with decades of experience in the global financial market, I find Jeong Eun-bo’s perspective on the need for South Korea to institutionalize the crypto market both insightful and timely. His life experience as a chairman of one of Asia’s leading stock exchanges provides him with a unique vantage point from which to observe the rapid evolution of the digital asset space.

The head of the South Korean Stock Exchange, Jeong Eun-bo, thinks it’s crucial for the country to swiftly establish regulations for the cryptocurrency market to avoid being left behind by other nations.

As a crypto investor, I strongly believe we need to establish our market on par with traditional finance, similar to how institutions have shaped and navigated the conventional financial landscape. This move would not only help us surmount regulatory hurdles but also foster greater trust and stability within the crypto space.

If they don’t take action, Eun-bo is convinced that South Korea will find it difficult to keep pace with nations that have adopted cryptocurrencies and established regulations, treating virtual assets similarly to conventional assets.

As a researcher exploring the dynamics of virtual currencies, I find it crucial to emphasize that failing to clearly define their status as something beyond mere speculative assets could potentially hinder our competitive edge on the global stage.

He highlighted the extraordinary speed at which cryptocurrency penetration in the international market has grown, reaching heights that even exceed the local stock market in terms of trade volumes.

According to Eun-bo, the typical day-to-day trading value in our local stock market is around 20 trillion won ($13.9 billion). However, the digital currency market has exceeded this figure since Donald Trump became the U.S. President.

The Chairman’s remarks came after he recently attended the World Exchange Market summit, where crypto-relates issues were “seriously discussed” during the conference.

Currently, as I’m typing this, no cryptocurrency companies are publicly listed on the South Korean Stock Exchange. Local businesses also find it challenging to include crypto investments in their financial records. Moreover, the government has not yet given the go-ahead for Bitcoin (BTC) spot exchange-traded funds to be launched within the nation.

As a crypto investor, I’ve come across insights shared within the financial investment sphere suggesting that it seems illogical and detrimental to prohibit spot ETFs linked to Bitcoin’s price while simultaneously permitting leveraged trading for conventional ETFs. This arrangement appears to undermine the very purpose of investor protection.

It appears that significant adjustments regarding Bitcoin spot ETFs and the broader cryptocurrency market in South Korea may not take place immediately, causing a delay for financial investors.

According to a previous report from crypto.news, it was confirmed that the South Korean National Assembly has chosen to postpone all cryptocurrency regulations until around mid-2025. This decision was made during the process leading up to the potential impeachment of President Yoon Suk-yeol.

As a researcher reporting on events, I’m sharing that according to the Associated Press, South Korea’s parliament has voted to impeach President Yoon. This decision followed his sudden declaration of martial law, which triggered a political upheaval within the country. Post the vote, motion 204-85 was passed by the National Assembly, resulting in a suspension of President Yoon’s presidential powers and duties.

Over the next six months, the Constitutional Court will weigh its options, ultimately deciding if they will affirm Yoon’s impeachment or reinstate him as president.

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2024-12-16 11:36