In South Korea, the Presidential Committee on the Fourth Industrial Revolution (PCFIR) has come out in support of institutional acceptance of digital assets, urging the government to permit the financial industry to launch crypto-derivatives and other cryptocurrency products, local news outlet Business Korea reports.
The recommendations were included within a policy suggestion document that also proposed using the umbrella term ‘crypto assets’ to refer to cryptocurrencies, virtual currencies and related terms, and called for Bitcoin to be listed directly on Korea Exchange.
According to Business Korea:
As digital finance is emerging as a major keyword for both the financial sector and the blockchain and cryptocurrency industry, the commission advised the Korean government to allow financial companies to release futures products based on Bitcoin prices, as the U.S. financial authorities did. In addition, the commission recommended that the financial sector develop and introduce a Korean custody solution to avoid relying solely on foreign custodians in the process of handling crypto assets.
PCFIR also reportedly urged the government to allow banks to directly manage cryptocurrency assets and develop domestic custodial capabilities, “so that the Korean crypto-asset custody market will not depend on foreign countries."