[Editorial] Coin Trading Regulation Eases, ETF Approval Should Be Examined

The news is that from next year, the restrictions on trading by legal entities will be gradually lifted. Currently, not only companies and financial institutions but also government agencies, local governments, universities, and all legal entities cannot open anonymous accounts according to the guidelines for preventing money laundering. The Financial Services Commission plans to release a roadmap to gradually lift such restrictions by the end of this month. This is a direction driven by the need to broaden the choices for economic activities. The first targets for the completion of the regulation on anonymous accounts are expected to be central government departments, local governments, and universities. Universities and local governments have repeatedly requested the completion of regulations for the smooth handling of anonymous accounts, but they have been repeatedly rejected. Seoul National University received a request for anonymous account opening from a game company in 2022 for a significant amount of 1 billion won, but they cannot liquidate the account and are unable to cash it. Local governments are also handling some of the anonymous accounts held by local tax collectors, but they are unable to open new accounts and cannot process them. Compared to the fact that the prosecution and the National Tax Service are receiving exceptions for anonymous accounts for the efficiency of fines or tax collection, there is no choice but to have a debate. It is urgent to simultaneously allow account opening and maintain soundness for general companies and financial institutions that are lower in priority. All economic activities will be based on autonomy, but since anonymous accounts have high volatility, careful attention is needed to avoid excessive risks. Even if it is only for one night, the news that the balance has been selected in Korea has dropped by more than 30% in a few minutes and then rebounded sharply, which can be a warning. In particular, financial institutions and listed companies, where risk management is important, can ensure soundness by setting the scale of anonymous accounts below a certain ratio of their own capital. The completion of the regulation on anonymous accounts does not end here. It is time to examine the approval of exchange-traded funds (ETFs) as well. The United States has allowed not only futures but also spot ETF trading. So far, the funds tied to the 12 spot ETFs that have emerged in the United States are said to include domestic investors' funds. The term 'domestic escape' is also emerging in the stock market as well as the coin market. If we do not change, considering that the anonymous account ETF is gradually expanding in places like the United States, Germany, Switzerland, Canada, and Australia, we will not be able to keep up. The announcement of the anonymous account regulation by Donald Trump, the former President of the United States, is a warning.