🇰🇷【Korean Presidential Election Day｜Are Banks Coming In?】
Today is the 21st presidential election in South Korea. Are you concerned about who will be elected? What the market is focusing on is a more critical signal:
Traditional banks are ready to enter the Crypto space.
The South Korean banking industry is prepared to make demands to the new government: "Please allow us to enter the virtual asset field."
Currently, the existing Financial Industry Act explicitly prohibits banks from engaging in virtual asset business, even just doing digital asset custody is not allowed. This law is the biggest obstacle for the banking sector to enter Web3.
But a turning point has come.
Both presidential candidates, Lee Jae-myung and Kim Moon-soo, have promised to promote tokenized securities legislation policies. This bill had already gained consensus in the last National Assembly, but was stalled due to party confrontation and ultimately set aside.
Once the election is over, policies may be greenlit.
📌 What does this mean?
Traditional banks will officially register on the blockchain, entering the field with a one-stop service from custody, issuance, to clearing.
The South Korean financial sector will move from Web2 towards Web3. The liquidity, stability, and regulatory nature of funds will also be improved simultaneously.
This is not just a matter for South Korea, but a new round of changes in Asian fintech.
Whoever can stand at the pinnacle of the tokenization wave first will hold the next institutional-level entry ticket.
We are witnessing a historic moment of convergence between TradFi and Crypto.