South Korea Presidential Commission recommends national Bitcoin derivative

Seoul – The fourth Industrial Revolution Commission under the South Korean’s Presidential Office (PCFIR) recommends that the South Korean financial institutions launch cryptocurrency-related products, such as Bitcoin derivatives. This is part of the country’s new strategy to institutionalize cryptocurrencies, reports Business Korea.

Apart from recommending a Bitcoin derivative, the PCFIR also recommended launching Bitcoin Futures similar to CBOE’s Bitcoin Futures and introduce a national Korean custody solution to avoid relying on foreign custodians for handling cryptocurrency assets.

The PCFIR also recommended the listing of Bitcoin on the official South Korean Stock exchange – the country’s only securities operator.

“Participants in the traditional capital market such as securities firms and banks should develop and introduce domestic custody solutions to handle crypto assets so that the Korean crypto-asset custody market will not depend on foreign countries,” the commission said. “The Korean government has to gradually allow institutional investors to deal in crypto assets and promote over the counter (OTC) desks dedicated to institutional investors’ trade.”

The PCFIR was formed by the Presidential Decree to provide policy initiatives and recommendations regarding the development of new science and technologies in South Korea.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.