Jung Eun-Bo noted that South Korea is the third largest country in the world of cryptocurrency trade. In his opinion, digital assets can increase the value of the financial industry. At the same time, the authorities should strengthen the supervision of the cryptocurrency market in order to increase its transparency. The appearance of cryptocurrency ETFs could “add depths” to the financial market, providing investors with access to regulated products.
“In the USA there are both futures and spotto ETFs that are actively trading. We need to allow the trade in cryptocurrency ETF without postponing this issue in a distant box, ”added the chairman of the Korean exchange.
Jung Yun-Bo claims that the financial market of South Korea will become more flexible and competitive if innovation, in particular, cryptocurrency ETFs, which will not be imposed on excessive prohibitions, are introduced into it. Strict restrictions on risky assets impede long -term profitability, the chairman of the exchange concluded.
The US Securities and Exchange Commission (SEC) approved the Futures ETF on Bitcoin in 2021, and in January 2014 the regulator allowed the launch of spotal ETFs tied to bitcoin. These investment products have launched large asset management companies, including BlackRock and Fidelity, thereby expanding the adoption of cryptocurrencies among institutional investors.
South Korea has not yet followed the example of the United States. Earlier, the South Korean official Kim Byung-Hwan called on the government not to rush to the launch of spotal cryptocurrency ETFs, since digital assets cannot be considered currencies.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
