A new concern influencing crypto Industry has been brought to light by the presidential commission of South Korea that the country’s financial institutions should allow cryptocurrency to offer products. The announcement was made by the presidential committee on the Fourth Industrial Revolution (PCFIR). The announcement highly suggests that crypto can be brought to the mainstream of finance through a number of measures and if it happens then crypto is going to get scattered in the country.
Some recent adoption of crypto by states and institutions refers to the high demand of crypto in market place which is getting increased. So it is no longer possible to stop crypto-asset trade. As a result of this new initiative by statesman, institutions are also able to offer cryptocurrency services indeed. And in this case according to the commission the government could follow the lead of U.S. regulators and sanction products.
Though the process will take time, the government of Korea should slowly allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade. To develop such sector, fintech of the nation should perform a number of activities for example they should develop custody solutions for cryptocurrency with an eye to getting off a reliance on foreign custodians and it is their main duty right now.
The country should look at the issue of crypto exchanges and they should have an easy licensing process. Reportedly a South Korean financial watchdog under the financial services commission is aiming to directly supervise exchanges. PCFIR, which got set up in 2017, also states that bitcoin might be directly listed on Korean Exchange and the terms cryptocurrency and virtual currency could be brought together under the umbrella term crypto asset. As a decentralized medium of exchange bitcoin has been in market for a long time and it took time to introduce itself which came across ups and downs. The adoption of crypto in a wide range is indicating to a new horizon and hopefully the concern of South Korean government can best satisfy the users of the country.