Bitcoin should be listed directly on Korea Exchange, says a government committee
January 6, 2020, 8:16AM EST
1 min read
The Presidential Committee on the Fourth Industrial Revolution, a group set up by the South Korean government, has recommended that bitcoin should be listed directly on Korea Exchange (KRX), the country’s sole securities exchange operator.
The committee has also suggested allowing cryptocurrency products, such as bitcoin derivatives, in the country, according to a report from Business Korea on Monday.
The Korean government has also been advised to consider introducing business licenses or guidelines for cryptocurrency exchanges as it is “no longer possible to stop crypto-asset trade.”
"The Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade," said the committee. It has also recommended the government to introduce a Korean custody solution to avoid relying on foreign custodians for the storage of cryptocurrencies, per the report.
South Korea has been taking an increasing interest in the cryptocurrency space. The country's government recently said that it wants to start taxing residents’ cryptocurrency-related profits. Last week, South Korea's taxation authority levied withholding tax of ~$69.5 million on South Korea's largest cryptocurrency exchange, Bithumb.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.