The CEO of a major South Korean stock exchange is ready to embrace crypto. Covered: Korea Exchange CEO’s Comments on Crypto Crypto Adoption Surging Throughout Asia It’s a bullish day in the crypto markets after a wave of headlines covering institutional adoption hit the public today. Most notably, the CEO of Korea Exchange (KRX) wants […] The post South Korea Is Ready To Embrace Crypto, According To KRX Exchange CEO appeared first on CryptosRus.

South Korea Is Ready To Embrace Crypto, According To KRX Exchange CEO

The CEO of a major South Korean stock exchange is ready to embrace crypto.

Covered:

  • Korea Exchange CEO’s Comments on Crypto
  • Crypto Adoption Surging Throughout Asia

It’s a bullish day in the crypto markets after a wave of headlines covering institutional adoption hit the public today. Most notably, the CEO of Korea Exchange (KRX) wants proper legislation for crypto in South Korea as he thinks that it is time for institutions to embrace the asset class.

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Korea Exchange CEO’s Comments on Crypto

Sohn Byung-doo, a former regulator and now CEO of KRX, is calling for a comprehensive set of regulations for cryptocurrency. In a speech at the 2021 Global ETP Conference, Sohn explains that it’s time to “embrace digital assets” as any other component of capital markets. 

He thinks crypto and the traditional capital markets share similar traits and thus should be supported in the same way.

“The virtual asset market is no different from the capital market in that it must support investor protection and transaction stability…

Since virtual assets have become ‘major’ investment assets, it is time to prepare an institutional framework.”

Sohn says that as the regulatory framework currently stands, digital assets are categorized as something similar to intellectual property or patents – basically intangible assets. He thinks that this framework isn’t conducive to the domestic development of the crypto sector.

While the comments are bullish for crypto and further validate its role among institutions, many Korean investors aren’t happy with the legislation coming. The Korean government is reportedly implementing a high capital gains tax on gains from digital assets next year and is also requiring local exchanges to partner with legacy banks in order to push for higher KYC/AML (know-your-customer) compliance.

According to Sohn, there are roughly five million digital assets traders within Korea and more offshore. These traders are reportedly pushing $12 billion in daily volume compared to Korea’s composite index (KOSPI), which has a daily volume of $16.1 billion

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Crypto Adoption Surging Throughout Asia

Outside of crypto in South Korea, many other Asian countries are turning to the asset class, particularly Vietnam, which appears to be leading the world in crypto adoption by a longshot, according to blockchain data analytics firm Chainalysis.

In addition to Vietnam’s rapid crypto expansion, Mastercard recently announced that the payments company will be rolling out crypto-linked credit cards to millions of users throughout the Asia-Pacific region.

The post South Korea Is Ready To Embrace Crypto, According To KRX Exchange CEO appeared first on CryptosRus.