Korea Exchange Chairman calls for institutionalization of cryptocurrencies and quick action to keep up with international trends

Jeong Eun-bo, chairman of the Korea Exchange (KRX), said South Korea should institutionalize cryptocurrencies and act quickly, or it could fall behind international competitors. He also noted that the cryptocurrency market needs help to "overcome regulatory barriers." "The size and influence of the crypto asset market have grown to a point where traditional markets can no longer ignore it. South Korea should quickly work to incorporate crypto assets into the financial sector," he said. Jeong Eun-bo said exchange heads agreed that it would be "difficult" for the stock exchange to remain profitable if it "ignores the virtual currency market": "The average daily trading volume of the domestic stock market is about 20 trillion won (about $14 billion). But since Trump was elected as the US president, the virtual currency market has surpassed that level." He also criticized the current attitude of viewing virtual currencies as speculative assets, warning that this could cause South Korea to fall behind in international competition. The Korea Exchange has not yet listed any cryptocurrency companies, and companies cannot yet buy cryptocurrencies on their balance sheets. Regulators have not yet approved the launch of a Bitcoin spot ETF. The Korea Exchange has listed several companies that hold minority stakes in cryptocurrency exchanges. Most of these companies experience price fluctuations when Bitcoin prices rise rapidly or fall suddenly. (Maeil Kyungjae)