According to the Korean media "BusinessKorea", the Fourth Industrial Revolution Presidential Committee (PCFIR) set up by the South Korean government recommended that Bitcoin should be listed directly on South Korea's only stock exchange, KRX, and allow the launch of Bitcoin-related derivatives. Subsequently, several foreign media in the blockchain industry reported on this.
However, as of press time, translators have not found relevant official reports on the PCFIR official website, but we can find content related to the blockchain and cryptocurrency industry in a " recommendation " report released by the PCFIR committee in October 19 Which mentions:
"The Korean government has implemented the necessary policies to stop the speculative boom in crypto capital, which has weakened the global competitiveness of the blockchain and crypto capital industries. At the same time, foreign governments and companies have been leading the way in rapid cooperation as of 2019 In the United States, Bitcoin futures and options trading was officially allowed. In the world's largest financial and IT companies not only did not deal with the blockchain, but they also did not launch attacks on crypto assets. Our government needs to adopt the following policies to respond:
- Korean media: 97% of the Korean exchanges are on the verge of bankruptcy, and the project side seeks overseas currency
- Two years, $2.3 billion! Korean Ministry of Justice announces economic losses related to cryptocurrency
- The ban on anonymous accounts is the first step, and the Korea Financial Services Commission wants to directly regulate cryptocurrency exchanges.
- The three countries of China, Japan and South Korea exchanged cold on the same day? The reason behind it is not simple
First, it should clarify the policy direction related to blockchain, including the definition of crypto assets and the inclusion of institutional rights;
Second, the government should ensure the “Trinity” regulatory environment by actively allowing relevant start-ups to enter the regulatory sandbox, so that the use of blockchain will be expanded while minimizing public anxiety;
Third, cultivate blockchain-related experts and professional companies; Based on the contents of this report, we believe that the PCFIR Committee has the possibility to make new recommendations, but it has not yet been formally confirmed.
A small science about the Korean Presidential Committee of the Fourth Industrial Revolution (PCFIR):
This committee, headed by the President of South Korea, was established in accordance with the Regulations on the Establishment and Operation of the Fourth Industrial Revolution Commission, which is responsible for coordinating policies and reviewing national master plans and strategies related to the "Fourth Industrial Revolution" It can be said that the recommendations made by the committee are of great significance to the Korean government. At present, the committee is mainly composed of 18 professors and 6 government officials.
Conclusion: The PCFIR Committee did recommend that the Korean government clarify the policies related to blockchain and actively promote the "regulatory sandbox", but the statement that it is recommended that Bitcoin be listed and traded directly on the Korean Exchange (KRX) is currently to be confirmed In general, South Korea's supervision of the blockchain industry may gradually be liberalized.