PANews reported on December 2 that Simon Kim, CEO of South Korea's largest cryptocurrency venture capital firm Hashed, pointed out that with the postponement of cryptocurrency taxation in South Korea by another two years, the long-stalled institutionalization process of cryptocurrency and Web3 is expected to accelerate.
He listed several anticipated policy directions to be promoted, including:
1. Allow companies to open cryptocurrency accounts;
2. Open up participation for institutional investors in cryptocurrency investments;
3. Allow the issuance of tokens within South Korea;
4. Release regulatory frameworks for security tokens (STO) and real-world assets (RWA);
5. Develop policy guidelines related to stablecoins;
6. Establish accounting standards for the issuance, holding, and investment of virtual assets;
7. Clarify custodial responsibilities and establish professional custodial institutions to replace the current situation where exchanges and issuers serve as custodians;
8. Recognize cryptocurrency enterprises as venture capital firms, instead of the current classification as gambling industries;
9. Allow foreign users to access South Korean cryptocurrency exchanges;
10. Relax investment restrictions for South Korean companies on overseas blockchain companies (currently, such investments are often rejected by South Korean banks).
Simon Kim believes that the implementation of these policies will significantly enhance South Korea's global competitiveness and development potential in the cryptocurrency and Web3 fields.