- South Korea plans to create opportunities regarding domestic asset markets.
- According to Finance Minister Hong Nam-ki, they will focus on the youth.
- The statements are obvious shifts from anti-crypto statements earlier this year.
South Korean Deputy Prime Minister and Finance Minister Hong Nam-ki recently reported that they are planning to create more opportunities for domestic asset markets which young people have been highly interested in.
Many news point out that the policy that is being created not only includes traditional financial assets like stocks but also cryptocurrencies — as this type of asset started to become more popular to the youth.
Earlier, the South Korean government also started a virtual currency discussion at a high-level party administration council held at the Prime Minister’s Office. According to reports, the meeting mainly discussed “securing the transparency of the virtual currency market and protecting investors.”
The Deputy Prime Minister has been outspoken on crypto regulation. However, this latest development appears to suggest that he is prepared to soften his stance. He also mentioned that the “policy on domestic asset market-related, which is of high interest to young people” would be subject to review.
Back in April, the South Korean Chair of the Financial Services Commission Eun Sung-soo mentioned that South Korea may shut down all crypto exchanges. According to Eun, “There are an estimated 200 cryptocurrency exchanges in the country, but if the current situation continues, then all of them could be shut down.” However, the most recent developments are showing a slow but positive reversal in the stance of South Korean regulators.