{"id":43393,"date":"2024-12-16T13:39:08","date_gmt":"2024-12-16T13:39:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korea-urged-to-accelerate-crypto-market-institutionalization\/"},"modified":"2024-12-16T13:39:08","modified_gmt":"2024-12-16T13:39:08","slug":"south-korea-urged-to-accelerate-crypto-market-institutionalization","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korea-urged-to-accelerate-crypto-market-institutionalization\/","title":{"rendered":"South Korea Urged to Accelerate Crypto Market Institutionalization"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The South Korean Stock Exchange\u2019s chairman, Jeong Eun-bo, has emphasized how urgently the country must institutionalize its bitcoin<\/a> industry. He cautioned that if there are any delays, the country may fall behind other countries that have already put in place extensive laws.<\/p>\n

Institutionalization Key to Competitiveness<\/strong><\/h2>\n

In a recent interview with South Korean media outlet Maeil Kyungjae<\/em>, Eun-bo highlighted the importance of treating virtual assets on par with traditional financial products. He argued that regulatory clarity is essential for fostering a competitive edge in the global crypto space.<\/p>\n

\u201cIf we are vague with our treatment of virtual currency and treat it as a speculative asset, we will fall behind in terms of international competitiveness,\u201d<\/em> he stated. Eun-bo emphasized that the global adoption of cryptocurrencies has grown so rapidly that the virtual currency market now surpasses South Korea\u2019s domestic stock market in trading volume.<\/p>\n

To illustrate, Eun-bo noted, \u201cThe average daily trading volume of the domestic stock market is approximately 20 trillion won ($13.9 billion). But the virtual currency market has surpassed this since Donald Trump was elected as U.S. President.\u201d<\/em><\/p>\n

Regulatory Hurdles and Missed Opportunities<\/strong><\/h3>\n

Despite the growing importance of cryptocurrencies, South Korea\u2019s regulatory environment remains restrictive. Currently, no cryptocurrency firms are listed on the South Korean Stock Exchange, and local businesses are not permitted to include crypto investments on their balance sheets. Moreover, the government has yet to approve Bitcoin spot exchange-traded funds (ETFs), further hindering institutional crypto adoption.<\/p>\n

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Some financial industry insiders have criticized these inconsistencies. They pointed out that banning Bitcoin spot ETFs while allowing leveraged trading for conventional ETFs \u201cmakes no sense from an investor protection standpoint.\u201d<\/p>\n

Eun-bo\u2019s remarks followed his attendance at the World Exchange Market Summit, where discussions on crypto-related issues were prominent. He urged South Korea to take decisive action, noting that other nations have already embraced virtual assets and established regulatory frameworks to ensure fair competition.<\/p>\n <\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The South Korean Stock Exchange\u2019s chairman, Jeong Eun-bo, has emphasized how urgently the country must institutionalize its bitcoin industry. He cautioned that if there are any delays, the country may fall behind other countries that have already put in place extensive laws. Institutionalization Key to Competitiveness […]<\/p>\n","protected":false},"author":34,"featured_media":43394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43393"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43393"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43394"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}