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- Korean digital asset business to increase in 2024
- Strict rules to ease in July with new act
- US regulatory adjustments to profit crypto market
South Korea’s digital asset business is poised for vital development, mentioned Cho Jin-seok, the CEO of CODA, on the current Bitcoin Seoul 2024 occasion. Cho believes 2024 can be a pivotal 12 months, fueled by elements just like the strengthening of Bitcoin’s place and potential regulatory shifts.
Whereas acknowledging the present challenges attributable to strict rules, Cho pointed to constructive alerts like the worldwide pattern in direction of Bitcoin spot ETFs and a extra favorable U.S. political local weather. He expressed hope that the implementation of the Digital Asset Consumer Safety Act in July will result in a extra streamlined and investor-friendly setting.
Cho emphasised the significance of a custody marketplace for business development. He added that CODA is well-positioned to capitalize on this with its concentrate on safety, clear procedures, and regulatory compliance.
The corporate plans to be an early adopter of the brand new rules, increasing its providers with staking, OTC buying and selling, and taking preemptive measures for potential ETF developments.
The dialogue additionally featured Hashed CFO Seong-wook Hong, who supplied insights from a VC perspective. Hong acknowledged the challenges of investing in startups inside the extremely regulated custody house.
He highlighted the rise within the variety of established gamers within the U.S. market and the alternatives for joint ventures with native monetary establishments within the rising markets.
Hong’s outlook included a constructive spin on the current adjustments within the U.S. political panorama. He believes the “Monetary Know-how Innovation Act for the twenty first Century (FIT21)” might affect the regulatory setting for cryptocurrencies. With bipartisan assist for the invoice, its passage appears probably, paving the best way for a extra constructive 12 months for the business.”
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