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Now is the time to embrace crypto, says South Korea Stock Exchange chief

 


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South Korea’s stockbroker, the Korea Stock Exchange (KRX), “is exploring” ways to “embrace cryptoassets,” its chairman said.

According to Chosun and Seoul Shinmun, KRX chief Sohn Byung-du, told attendees at a financial conference that “it’s time to explore how we can embrace cryptoassets.”

Sohn added:

“The crypto-asset market is no different from the capital market in that investor protection and transaction stability must be supported. It’s time to explore ways to embrace cryptoassets using experience and know-how [we have] accumulated in the [stock] Marlet.”

Sohn will likely have noted that stock transactions risk becoming overshadowed by crypto investments. Although a recent survey of ‘wealthy’ South Koreans found that the majority of the richest people in the country are still avoiding crypto in favor of stocks, they may start to be swamped by a rising tide of crypto investors. younger (and older) who feel there is no value to be found on the KRX and its KOSPI index.

The president conceded:

“The number of users on the [ “big”] four servants [crypto] trades has exceeded 5 million, and the daily trade value is [almost USD 12 billion], which is close to the daily market value of KOSPI. The time has come to prepare an institutional framework.

The president’s comments come just over a year after the KRX said it would step up its oversight of crypto-related stocks. The announcement came after a period of heightened volatility for nationally listed companies with ties to the crypto industry.

The exchange observed that the stock prices of the likes of Seeing, a non-crypto listed company that holds a minority stake in the Bithumb exchange, have skyrocketed with the rise in crypto prices.

The KRX will no doubt also have taken note that domestic crypto exchanges are considering initial public offerings elsewhere in the world. Lager Crypto Exchanges Are Simply Too Big For The Domestic Exchange – And May Look To Keep Up, Market Analysts Say Coinbasesteps while floating in New York.

The Korea Exchange is the only stock exchange operator in the country. Based in the southern port city of Busan, it also operates cash market and market surveillance offices in the capital Seoul.
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Learn more:
– South Koreans can trade cryptos tax-free until at least 2023, with delay “virtually confirmed”
– Crypto Investment Trends In 2022: Prepare For More Institutions And Meme Manias

– Half of Uniswap’s liquidity providers see negative feedback and investigate complaints
– Most cryptos are correlated with stocks, not gold – Analysts

Sources

1/ https://Google.com/

2/ https://cryptonews.com/news/time-has-come-to-embrace-crypto-says-korea-exchange-chief.htm

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