Binance CEO Visiting Korea "Positive About South Korea's Virtual Asset Policy Changes"

"South Korea is a tech-friendly, dynamic market with a high proportion of holdings in virtual assets (cryptocurrencies). It is very positive that the new government has recently become more favorable toward digital assets."

Richard Teng, CEO of Binance, the world's largest virtual asset exchange, said this on the 8th while attending the 'Binance Blockchain Seminar (BBS)' at the Golden Tower building in Seodaemun-gu, Seoul.

Teng said, "The Digital Asset Basic Act is expected to pass soon," and predicted, "With clear regulations, institutional investors' use of virtual assets will increase." He added, "Since 2017, we have been watching the market with regulators and have felt the need for institutional participation and clear regulation."

He also mentioned the importance of stablecoins (virtual assets pegged to fiat currencies). Teng said, "Even those with limited access to financial services can reduce unnecessary remittance costs and easily use financial services through digital assets," and explained, "Virtual assets can solve problems inherent in traditional finance."