Korea Financial Investment Association Chief Says Spot Crypto ETFs Are Needed, Pushes Government and Parliament
Summary
- Hwang Sung-yup, chairman of the Korea Financial Investment Association, said South Korea needs to introduce spot cryptocurrency exchange-traded funds (ETFs).
- Hwang said he is actively explaining the need for the swift introduction of spot crypto ETFs to the government and the National Assembly.
- There is also a view that the Digital Asset Basic Act may struggle to clear the National Assembly in the first half of this year.
Forecast Trend Report by Period
Hwang Sung-yup, chairman of the Korea Financial Investment Association, said South Korea needs to introduce spot cryptocurrency exchange-traded funds.
Hwang made the remarks at a press briefing in Seoul's Yeouido on Wednesday to mark his first 100 days in office, according to Yonhap News and other local media. He said he has been actively explaining the need for a swift introduction of spot crypto ETFs to the government and the National Assembly.
In the US, UK and Hong Kong, virtual assets have long become an essential element of portfolio diversification, Hwang said. South Korea should no longer lag behind advanced market trends, he added.
Still, the Digital Asset Basic Act, which would be needed for the domestic introduction of crypto ETFs, has repeatedly stalled in the National Assembly. Given the recent Middle East conflict and other pending issues, as well as political events including local elections in June, the bill may struggle to pass parliament in the first half of this year.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
