Jeong Eun-bo, the Chairman of the South Korean Stock Exchange, argues that the nation must swiftly institutionalize the crypto market to remain competitive.
Jeong Eun-bo's Position
In an interview with South Korean media, Jeong Eun-bo emphasized that the crypto market needs to be institutionalized similarly to traditional finance to overcome regulatory challenges. Without this, South Korea risks losing its competitive edge to nations that have already embraced crypto regulations.
Comparison with Traditional Assets
Jeong highlighted that the pace of global crypto adoption has been so rapid that it has surpassed the domestic stock market in trading volume. The average daily trading volume of the domestic stock market is approximately 20 trillion won ($13.9 billion), yet the virtual currency market has surpassed this.
Future Regulation Prospects
Despite recent discussions on crypto-related issues at the World Exchange Market summit, there are no crypto firms officially listed on the South Korean Stock Exchange. South Korea awaits approval for Bitcoin ETFs, but it remains unclear when this will occur. Following the impeachment of President Yoon Suk-yeol, the South Korean National Assembly has decided to pause all crypto regulation work until mid-2025.
Financial investors will have to await potential changes to Bitcoin ETFs and broader crypto market regulations in South Korea, amid a temporary halt on all regulatory processes.
