South Korea's presidential palace committee recommends allowing cryptocurrency-related products such as bitcoin derivatives

According to Business Korea, the Fourth Industrial Revolution Committee of the Presidential Palace of South Korea recommended that the Korean government allow financial institutions to launch cryptocurrency-related products such as Bitcoin derivatives as a medium-to-long-term strategy for the institutionalization of cryptocurrencies. As digital finance is becoming an important keyword in the financial, blockchain and cryptocurrency industries, the commission recommended that the South Korean government allow financial companies to issue futures products based on the price of bitcoin, as the US financial authorities did. In addition, the Commission recommends that the financial sector develop and adopt a Korean escrow solution to avoid relying entirely on foreign custodians in the processing of crypto assets. The Fourth Industrial Revolution Committee released a document containing policy recommendations, including unifying different terms such as cryptocurrencies and virtual currencies into crypto assets, listing Bitcoin directly on the Korean Exchange (KRX), and launching Bitcoin Derivatives.