The South Korean Presidential Committee for the Fourth Industrial Revolution (PCFIR) recommended that the government allow financial institutions to market crypto-based financial products.
The local English-speaking BusinessKorea news bulletin reported on January 6 that the committee recommended the admission of products such as Bitcoin derivatives (BTC) as part of its strategy to institutionalise crypto currencies.
The PCFIR also suggested that the local financial sector should develop and implement a Korean asset custody solution to avoid relying solely on foreign crypto custodians. The Committee also noted that Bitcoin should be listed directly on the Korean stock exchange - the only domestic securities operator located in Busan.
The Committee also advised the government to consider the introduction of business licenses or guidelines for cryptographic currency exchange and the inclusion of cryptographic asset products in the financial system in the medium to long term.
The PCFIR, established by Presidential decree in 2017, coordinates policy initiatives and recommendations for new science and technology development in South Korea. It organises forums and deliberates on the role of new technologies, and organises public campaigns and activities to support the adoption of new technologies.
