🇰🇷 Chairman of the Korea Exchange calls for: Approval of cryptocurrency ETFs is urgent!
Jeong Eun-bo, chairman of the Korea Exchange, recently called for South Korea to approve cryptocurrency ETFs as soon as possible to cope with the current sluggish stock market. He stressed that reform of the financial sector is key to enhancing the country's competitiveness. As the world's third largest cryptocurrency trading country, South Korea should seize opportunities and create new market value.
In his last media interview, Jeong Eun-bo, chairman of the Korea Exchange, bluntly pointed out that the Korean stock market is facing severe challenges. In the second half of 2024, the Korea Composite Stock Price Index (KOSPI) fell sharply by 15%, causing retail investors to withdraw. In addition, the market is plagued by problems such as "unfair trading" and "zombie companies".
Jeong warned that without timely reforms, South Korea's financial markets will lag far behind other countries. He also stressed that the United States has made significant progress in cryptocurrency ETFs, so domestic regulators should approve cryptocurrency ETFs as soon as possible to avoid the Korean market falling further behind the global trend.
Jeong also mentioned that South Korea was somewhat allergic to cryptocurrency ETFs before, but now the situation in the United States has made Korean regulators begin to consider changes. Now, the Financial Supervisory Service of South Korea is reviewing the ban and has set up a digital asset advisory group. Meanwhile, as recently as January, the Korea Exchange was exploring the potential for approving a cryptocurrency ETF to diversify its market.
Seo Yoo-seok, chairman of the Korea Financial Investment Association (Kofia), also voiced his support, saying that the country should follow the example of the United States and approve relevant investment products to improve market transparency and attract more institutional investors to continue to maintain its leading position in the digital asset field.
In summary, the Korea Stock Exchange seems to be serious about the cryptocurrency ETF this time. If approved, it may bring new development opportunities to the market. Do you think South Korea can proceed smoothly this time? See the comments section!
