South Korea’s stock exchange chief is urging the country to get serious about crypto. He says they need to quickly create a proper regulatory framework for digital assets to stay competitive.
A Call for Crypto Institutionalization
Jeong Eun-bo, head of the Korea Exchange, thinks South Korea is falling behind. He argues that the crypto market is huge and influential, and ignoring it is a mistake. He believes the country should integrate crypto into its financial system. The current approach is hindering growth and competitiveness. Treating crypto as just speculative gambling is hurting South Korea’s global standing.
The Global Crypto Landscape
Jeong points out that the crypto market is booming, even surpassing the South Korean stock market in trading volume recently. He says this was a hot topic at a recent global stock exchange meeting, highlighting that ignoring crypto will hurt the traditional stock market’s profits. He believes fast action is needed to create a system that benefits from this new market.
Political Turmoil Puts Crypto Regulation on Ice
Unfortunately, South Korea’s political chaos is putting the brakes on any crypto regulation. A recent political crisis has temporarily halted all related discussions until at least the first half of 2025. This delay could significantly impact South Korea’s ability to catch up to other countries in the crypto space.
