Korean virtual asset industry to boom in 2024
Strict regulations to ease in July with new act
US regulatory changes to benefit crypto market
South Korea’s virtual asset industry is poised for significant growth, said Cho Jin-seok, the CEO of CODA, at the recent Bitcoin Seoul 2024 event. Cho believes 2024 will be a pivotal year, fueled by factors like the strengthening of Bitcoin’s position and potential regulatory shifts.
While acknowledging the current challenges caused by strict regulations, Cho pointed to positive signals like the global trend towards Bitcoin spot ETFs and a more favorable U.S. political climate. He expressed hope that the implementation of the Virtual Asset User Protection Act in July will lead to a more streamlined and investor-friendly environment.
Cho emphasized the importance of a custody market for industry growth. He added that CODA is well-positioned to capitalize on this with its focus on security, transparent procedures, and regulatory compliance.
The company plans to be an early adopter of the new regulations, expanding its services with staking, OTC trading, and taking preemptive measures for potential ETF developments.
The discussion also featured Hashed CFO Seong-wook Hong, who offered insights from a VC perspective. Hong acknowledged the challenges of investing in startups within the highly regulated custody space.
He highlighted the increase in the number of established players in the U.S. market and the opportunities for joint ventures with local financial institutions in the growing markets.
Hong’s outlook included a positive spin on the recent changes in the U.S. political landscape. He believes the “Financial Technology Innovation Act for the 21st Century (FIT21)” could impact the regulatory environment for cryptocurrencies. With bipartisan support for the bill, its passage seems likely, paving the way for a more positive year for the industry.”
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