South Korean Presidential Committee Recommends Allowing Crypto-Based Financial Products

An influential South Korean committee has called for the allowance of cryptocurrency-based financial products.

According to BusinessKorea, the South Korean Presidential Committee on the Fourth Industrial Revolution (PCFIR) has recommended the government pass legislation to allow financial institutions to offer products like Bitcoin (BTC) derivatives.

Other recommendations from the committee include establishing a local Korean-based custody solution to avoid total dependency on foreign custodians, introducing business licenses for crypto exchanges and, over time, integrating digital assets into the conventional financial system, including promoting over the counter (OTC) desks, and listing Bitcoin (BTC) directly on the country’s only securities operator, the Busan-based Korea Exchange (KRX).

The PCFIR was established by presidential decree back in 2017, with a brief to coordinate policy initiatives and recommendations relating to new science and tech – this includes organising public information campaigns.

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