RATE Group | South Korean Presidential Committee Recommends Allowing Bitcoin Derivatives
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South Korean Presidential Committee Recommends Allowing Bitcoin Derivatives

06 Jan South Korean Presidential Committee Recommends Allowing Bitcoin Derivatives

Posted at 12:15h in Cryptocurrency News by

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The South Korean Presidential Committee on the Fourth Industrial Revolution (PCFIR) has recommended the government to allow financial institutions to launch cryptocurrency-based financial products.

Local English-language news outlet BusinessKorea reported on Jan. 6 that the committee recommended products such as Bitcoin (BTC) derivatives to be allowed as part of a strategy for the institutionalization of cryptocurrencies.

Crypto assets are here to stay

The PCFIR also suggested that the local financial sector should develop and introduce a Korean custody solution to avoid relying only on foreign custodians when handling crypto assets. The committee also noted that Bitcoin should be listed directly on the Korea Exchange — the country’s sole securities operator located in Busan. 

The committee also advised the government to consider introducing business licenses or guidelines for cryptocurrency exchanges and integrating products related to crypto-assets into the financial system in…

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