South Korean Presidential Commission Promote Crypto Assets

Posted on Jan 6, 2020

The Korean government has received recommendation from the Presidential Commission to permit financial institutions to launch investment products based on cryptocurrency, such as Bitcoin derivatives. The commission have stated that Bitcoin ought to be directly listed on the Korea Exchange (KRX), and further suggested that the financial sector puts forward a Korean solution for the crypto-asset custody market, so that assets do not have to be handled by foreign custodians. As the global interest in cryptocurrency trade continues to soar, the government has been advised to consider the introduction of a regulatory framework for crypto exchanges. Reports from last week unveiled that whilst taxation is currently under review, the South Korean government will not be imposing a tax on digital asset trading earnings at present.