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

South Korean Stock Exchange Chairman Jeong Eun-bo believes the nation should move quickly to institutionalize the crypto market or risk falling behind other countries.

In an interview with South Korean media Maeil KyungjaeEun-bo argued that the crypto market needs to be institutionalized in the same way as traditional finance in order to overcome regulatory hurdles.

If they fail to do so, Eun-bo believes South Korea will not be able to compete with countries that have already adopted crypto and put in place regulations putting virtual assets on equal footing with traditional assets.

“If we remain vague in our treatment of virtual currency and treat it as a speculative asset, we will fall behind in terms of international competitiveness,” he said.

He highlighted how crypto adoption in the global market has grown at such a rapid pace that it has even managed to overtake the domestic stock market in terms of trading volume.

“The average daily trading volume on the domestic stock market is around 20 trillion won ($13.9 billion). But the virtual currency market has since exceeded this figure Donald Trump was elected president of the United States,” Eun-bo said.

The president’s remarks came after his recent attendance at the Global Foreign Exchange Market Summit, where crypto-related issues were “seriously discussed” at the conference.

At the time of writing, no crypto companies are officially listed on the South Korean Stock Exchange and local companies are still unable to add crypto investments to their balance sheets. Additionally, the national government has not yet approved the launch of Bitcoin (BTC) place exchange traded funds.

According to the report, some financial investment industry insiders pointed out that banning spot ETFs that track the price of Bitcoin while allowing leveraged trading for conventional ETFs “makes no sense from a with a view to protecting investors.

Unfortunately, financial investors will have to wait a little longer before any major changes can be made to Bitcoin spot ETFs or the broader crypto market in South Korea.

As previously reported by crypto.news, an official confirmed that the South Korean National Assembly has decided to implement all crypto-related regulations. on hold until mid-2025, following impeachment proceedings against President Yoon Suk-yeol.

According to Associated PressSouth Korea’s parliament voted to impeach President Yoon after his brief martial law decree plunged the country into a political crisis. After the vote, the National Assembly passed motion 204-85 and Yoon’s presidential powers and duties were suspended.

The Constitutional Court now has up to six months to decide whether to uphold Yoon’s impeachment or reinstate his presidency.