March 28, 2024

Largest South Korean Exchange May Add MTC to Listing

Largest South Korean Exchange May Add MTC to Listing

The Presidential Committee on the Fourth Industrial Revolution, a group set up by the South Korean government,recommended adding BTC to the listing of the Korean Exchange (KRX), the country's only securities exchange operator.

Referring to examples of US financial regulators andIn Switzerland, the committee stated that officials should consider medium-term and long-term plans for the implementation of crypto products, along with the provision of business licenses or the adoption of regulatory principles for cryptocurrency operations.

The committee also advised allowing financialinstitutions working with digital assets and called for work on the development of internal depository technologies. This would reduce or completely eliminate the dependence of local financial institutions on foreign cryptocurrency storage solutions.

Korean government was also recommendedconsider introducing taxation of cryptocurrency transactions, because, according to the committee, "it is impossible to stop the cryptocurrency trade in the country." Representatives of the group noted:

The Korean government should allow institutional investors to engage in crypto assets and support the work of OTC (OTC) platforms targeted at large traders