South Korea is one of the crucial regions for cryptocurrency activity. The local government, which hasn’t meddled much in this department, now deems the trading of crypto to be an “unstoppable evolution”.
Very strong words of approval from an Asian government is the last thing anyone expected.
South Korea Keeps an eye on Crypto
An advisory board of the South Korean government is especially interested in cryptocurrency derivatives.
In fact, they would like to see all banks and other institutions provide such a vehicle to their customers.
An official recommendation to unleash the power of crypto trading is a major milestone for the industry.
While this is just a recommendation, it still carries a fair bit of weight.
Another interesting part of the report touches upon banks providing custodial support for crypto assets.
Perhaps the biggest suggestion is to officially list bitcoin on the Korea Exchange platform.
Whether the government will pay attention to this recommendation, is a different matter.
South Korea has seen a successful period following the popularity spike of crypto trading.
Building on that success is crucial, albeit it won’t come easy.
There are still a fair few regulatory measures to be taken into account.
Drafting additional guidelines will be paramount.
Taking an example out of the US’ book is one option, although other examples can be explored as well.