Korea Exchange chief urges $34B crypto market reform

Jeong Eun-bo, chairman of the Korea Exchange, recently stressed the need for South Korea to quickly institutionalise its crypto market to remain competitive on the global stage.

His comments came amid the country’s political crisis, which has led to a halt in crypto regulations until 2025.

In an interview with Maeil Kyungjae, Jeong called for a shift in how lawmakers and financial institutions view digital assets.

He noted that the crypto industry has seen substantial growth, making it an influential force that traditional markets cannot ignore.

"It cannot be ignored by traditional markets," Jeong remarked, emphasising that South Korea must consider integrating crypto into institutional finance.

Jeong also pointed out that the country’s crypto market needs revitalisation in order to compete effectively with international markets.

He argued that South Korea’s current regulatory approach has limited the market’s growth and competitiveness.

"If we continue to vaguely treat cryptocurrencies as speculative assets and hold those who adopt them liable, we will fall behind in international competitiveness," he added.

At the recent World Federation of Exchanges (WFE) meeting, the future of digital assets was a key topic of discussion.

The meeting highlighted that traditional stock exchanges could struggle to maintain their profit models if they ignore the crypto market.

Jeong suggested that South Korea should move quickly to institutionalise crypto to generate new economic value.

Since November, the South Korean crypto market has outperformed the local stock market in trading volume, with exchanges reaching $34 billion in volume, surpassing the stock market’s $14 billion by 22%.

However, crypto-related policies are currently suspended due to the ongoing political situation.

Discussions about crypto regulations are expected to resume in mid-2025.