South Korea plans to explore cryptocurrency exchange-traded funds (ETFs) and allow companies to issue security tokens in 2025.
According to local media reportsthe South Korean government is reportedly considering introducing cryptocurrency ETFs.
In addition to crypto ETFs, South Korea is preparing to allow companies to issue security tokens starting in 2025.
Related: South Korea Crypto Trading Overtakes Stock Market With $18 Billion in 24 Hours
“Our market has shown considerable slowness compared to major countries”
Korea Exchange Chairman Eun-bo Jeong has announced that he is interested in exploring new businesses such as virtual currency ETFs.
Highlighting the difficulties South Korea faced in 2024, President Chung said, “Last year, our capital market went through considerable difficulties. » He added: “While the growth potential of our businesses has been weakened due to the contraction of the national economy and slowdown in exports, our market has shown considerable slowness compared to major countries due to conflicts global and domestic political situations.
As the country aims to create a new growth engine for the capital market, Chung said the country will continue to “evaluate foreign cases for new businesses such as virtual currency ETFs and explore new areas in the capital market”.
“There is great uncertainty surrounding the Korean economy, but if we combine our wisdom with that of the National Assembly, the government, foreign exchange and the investment industry, our capital market will be able to leap forward as a market more advanced,” Chung said.
Chairman of the Financial Services Commission Kim Byung-hwan said: “We will institutionalize STOs (tokenized securities), fragmented investment platforms and unlisted equity platforms to diversify the issuance and trading system. distribution of securities and promote the introduction of corporate growth collective investment (BDC) vehicles. »
He added: “We will revamp the entire system so that full-service financial investment firms can be true to their original role of providing corporate finance and venture capital. »
Bullish: Crypto adoption in South Korea is booming!
• 45% of economically active citizens own crypto (15.6 million people).
• $69 billion held in digital assets; Average wallet size: $4,400.
• 100,000 new investors join the market every month.
• The top 5 exchanges trade $10 billion per day,… pic.twitter.com/zvySzWuawh– Cointelegraph (@Cointelegraph) December 25, 2024
Bullish: Crypto adoption in South Korea is booming! South Korea no longer wants to be vague about crypto! Stock market chief calls for institutionalization
On December 15, 2024, in an interview with local media, Jeong Eun-bo, Chairman of the South Korea Stock Exchange, urgently called for the institutionalization of the crypto market.
“We must quickly institutionalize the virtual currency market and work to create new added value,” the president said.
His remarks come amid concerns that the country is lagging behind other countries that have already adopted and regulated digital assets.
Retail cryptocurrency trading volumes in South Korea soared to $18 billion in 24 hours on December 2, 2024, outpacing the country’s stock market by 22%, according to a report by 10x Research.
“The virtual currency market has now grown in size and influence to the point that it cannot be ignored by traditional markets. Our country should also quickly make efforts to include virtual currency in institutional finance,” Eun-bo said.
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