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The leader of South Korea’s stock exchange asserts that the country must “institutionalize crypto” and “act swiftly” to avoid falling behind its global competitors.
In a discussion with the South Korean publication Maeil Kyungjae, Jeong Eun-bo, the chairman of the Korea Exchange, emphasized that the crypto market requires assistance to “navigate regulatory challenges.”
“The cryptoasset market has expanded in size and influence to such an extent that traditional markets cannot overlook it. South Korea should promptly strive to integrate cryptoassets into the financial sector.”
Jeong Eun-bo, Chairman, Korea Exchange
Institutionalize Crypto Now, Urges Exchange Chief
Jeong mentioned that participants at a recent World Exchange Market (WFE) summit “seriously deliberated” on crypto-related issues.
Jeong Eun-bo, Chairman of the Korea Exchange. (Source: Maeil Kyungjae TV/YouTube/Screenshot)
He noted that exchange leaders concurred that it “would be challenging” for stock exchanges to “sustain profitability” if they “overlooked the virtual currency market.” He elaborated:
“The average daily trading volume of the domestic stock market is around 20 trillion won [approximately $14 billion]. However, the virtual currency market has exceeded this since Donald Trump assumed the presidency in the US.”
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“We must act quickly to institutionalize the virtual currency market to generate new added value. If we are ambiguous in our approach to virtual currency and classify it as a speculative asset […], we will lag in terms of international competitiveness.”
Jeong
The interest in crypto within South Korea has surged in recent years. However, experts have noted that the country’s crypto market is predominantly driven by private investors.
No crypto companies are currently listed on the Korea Exchange, and businesses are not yet permitted to purchase crypto using their balance sheets. Additionally, regulators have not yet authorized the introduction of Bitcoin spot ETFs.
A handful of firms with minority stakes in crypto exchanges are listed on the Korea Exchange.
Most of these companies experience price fluctuations when Bitcoin values rise sharply or drop suddenly.
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Some insiders in the domestic financial sector argue that permitting leveraged trading for conventional ETFs while keeping a ban on Bitcoin spot ETFs is illogical from an “investor protection” perspective.
Jeong is an alumnus of Seoul National University and holds a PhD in Economics from Ohio State University.
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He assumed the role of chairman of the Korea Exchange in February 2024.
The post South Korea Stock Exchange Chief: It’s Time to Institutionalize Crypto appeared first on Cryptonews.
