The Currency Analytics
By Dan Saada
Cryptocurrency in Korea’s Financial System is on Its Way
Other Proposals by the Presidential Committee
Another good news for crypto supporters in South Korea! The committee in SK finally suggested creating different measures to the government to ensure that cryptocurrency would be…
The South Korean Presidential Committee was brave enough to recommend a series of pro-crypto measures to the SK government.
But what are the recommendations included in the said proposal? One of the suggestions is to enable financial agencies to provide their own crypto-related products or services.
But wait, there’s more. It’s also worth mentioning that the Presidential Committee wanted to list Bitcoin on Korea Exchange (KRX).
In the past, the U.S Commodity Features Trading Commission permitted various cryptocurrency derivatives items.
The South Korean Presidential Committee also suggested the government if they can initiate business guidelines of licenses for crypto exchanges.
Of course, the committee didn’t want to rely on foreign custodians throughout the stage of managing the crypto assets.
According to the released statement, the government of South Korea will permit institutional investors to manage crypto assets gradually.
The committee stated that the existing policy of the government concentrating on limiting cryptocurrency speculation had lowered its global competitiveness within the crypto and…
The good thing is that all crypto profits aren’t taxable in the country until the time the tax law is revised, according to the statement released by the South Korea Ministry.