The presidential Committee for the Fourth industrial revolution of South Korea has proposed adding the ability to directly trade bitcoin on the Korean stock exchange (KRX).
According to Business Korea, the Committee also proposed to allow trading of various cryptocurrency products in the country. We are talking about derivatives for bitcoin and other cryptocurrencies. Officials believe that cryptocurrency trading is “already impossible to stop”, so they are considering creating licenses and recommendations for companies working with digital assets.
“The Korean government should gradually allow institutional investors to work with cryptocurrency, as well as promote over – the-counter platforms intended for institutional clients,” the Committee said in a statement.
Another step towards the adoption of cryptocurrencies may be the creation of their own custodial solution, which will allow Korean companies to abandon the digital asset storage services offered by foreign companies. In addition, it was recently reported that the South Korean government has begun developing a new law on taxation of income from cryptocurrencies.