South Korea’s Crypto Market Poised for Growth: Insights from Bitcoin Seoul 2024
South Korea’s virtual asset industry is predicted to experience significant growth, according to Cho Jin-seok, the CEO of CODA, during the recent Bitcoin Seoul 2024 conference. Cho believes that 2024 will be a crucial year for the industry, driven by Bitcoin’s strengthening position and potential regulatory changes.
Despite acknowledging the challenges posed by strict regulations, Cho highlighted positive indicators such as the global trend towards Bitcoin spot ETFs and a more favorable political climate in the United States. He expressed optimism that the implementation of the Virtual Asset User Protection Act in July will create a more streamlined and investor-friendly environment.
Cho also emphasized the importance of a custody market for the industry’s growth. He noted that CODA is well-prepared to capitalize on this opportunity with its focus on security, transparent procedures, and regulatory compliance.
In line with the new regulations, the company plans to expand its services to include staking, OTC trading, and proactive measures for potential ETF developments.
The discussion at the event also featured insights from Hashed CFO Seong-wook Hong, who provided a venture capital perspective. Hong recognized the challenges of investing in startups within the highly regulated custody space.
He highlighted the growing number of established players in the U.S. market and the potential for collaborations with local financial institutions in emerging markets.
Hong’s outlook was optimistic about recent shifts in the U.S. political landscape. He believes that the “Financial Technology Innovation Act for the 21st Century (FIT21)” could have a significant impact on the regulatory environment for cryptocurrencies. With bipartisan support for the bill, its passage appears likely, paving the way for a more positive year for the industry.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or any form of advice. Coin Edition is not liable for any losses incurred from the use of mentioned content, products, or services. Readers are urged to exercise caution before taking any actions related to the company.