Bitcoin to be added to Korean Stock Exchange?
This is a big one...
In news out of Korea this morning, the Presidential Committee on the Fourth Industrial Revolution (which is a group set up by the Korean government) recommended that bitcoin be listed directly on the Korea Stock Exchange (KRX).
The Korea Exchange is the countries sole equity exchange operator.
Wowza.
But wait, there's more...
The committee is also suggesting that bitcoin/crypto derivatives products be allowed in the country (they aren't currently).
And...
They also sugested that the government come up with some industry wide guidelines and licenses for exchanges because in their words...
"it is no longer possible to stop crypto-asset trade"
It looks like someone gets it!
Finally.
Now we just need a bunch more countries having this same awakening and getting on board with the times.
The full announcement can be seen below:
"The Presidential Committee on the Fourth Industrial Revolution, a group set up by the South Korean government, has recommended that bitcoin should be listed directly on Korea Exchange (KRX), the country’s sole securities exchange operator.
The committee has also suggested allowing cryptocurrency products, such as bitcoin derivatives, in the country, according to a report from Business Korea on Monday.
The Korean government has also been advised to consider introducing business licenses or guidelines for cryptocurrency exchanges as it is “no longer possible to stop crypto-asset trade.”
"The Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade," said the committee. It has also recommended the government to introduce a Korean custody solution to avoid relying on foreign custodians for the storage of cryptocurrencies, per the report.
South Korea has been taking an increasing interest in the cryptocurrency space. The country's government recently said that it wants to start taxing residents’ cryptocurrency-related profits. Last week, South Korea's taxation authority levied withholding tax of ~$69.5 million on South Korea's largest cryptocurrency exchange, Bithumb."
(Source: https://finance.yahoo.com/news/bitcoin-listed-directly-korea-exchange-131519986.html)
Big news!
This is great news, now we just sit back and wait for the others to catch up with what Korea is starting to realize.
Not everyone will of course, but that quote about them realizing they are no longer able to stop crypto trading is a huge realization going forward.
Stay informed my friends.
-Doc
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Actually, given Korean's love of all things crypto on the last run up, if it goes through, this news is bigger than BAKT in my opinion.
Yep, I agree.
So soon I can call my girlfriend and ask her to buy my own cryptocurrency, because she was born in Seoul... lol.. Can't do things myself, because they require South Korean SIM card and those are not compatible with phones sold outside South Korea. It's funny 'cause my phone is made by South Korean company but manufactured in Vietnam.
There you go, good news all around!
I've been following the South Korean legislation since they changed that buying virtual currencies require verification by phone in addition to normal KYC process. When I did the original KYC, I did put fake phone number, because they didn't actually check whom the number belonged to, just that the pattern was valid.
Koreans love the steem blockchain, they should add STEEM to their exchange. I have spoken.
Get it done!
This is the way (to go).
Sorry to pump the breaks, but this was recommended by a sub-committee that was tasked to provide long-term recommendations to the president. In other words, this isn't something they are looking to implement right now, but 4-5 years from now.
Better than nothing of course, but I don't think it means much at this point.
It's better than the latter...
On the other side of the world, Qatar has just banned crypto trading, which is no doubt counter-productive, especially in a country with a rapidly growing economy, and an expansive financial sector, all locking-horns with regional rivals like Saudi Arabia.
This news from South Korea is pretty good, although its only a recommendation thus far, and not a full-on action to be set in place. Nevertheless, it's good hear some positivity from the S. Koreans, since the government has been negative on Bitcoin for some years now, so a turnaround like this can only be good for the future :-)
Let's hope more countries, like India, join along soon!
Yep, it's a long ways from actually happening, but I did like their conclusion about stopping crypto asset trading not really being possible at this point.
Yeah, I've read that as well. It's inevitable for cryptocurrency to move further into the mainstream, and the only thing governments ought to do at this point is not ban them, rather they should consider imposing fair regulations to control fraud, market manipulation, money-laundering, etc.