The chairman of a South Korean exchange, Jeong Eun-bok, is now saying that they are going to launch a cryptocurrency-based ETF to try to solve economic problems; it’s quite an interesting decision! Did you know? The South Korean economy is not doing well, with slowing exports, a shrinking domestic economy, and geopolitical tensions, and they have dragged their feet on these issues for so long. But Jeong Eun-bok has an idea to revitalize the market through innovative financial products, especially cryptocurrency ETFs, and wants to bring this market back into global competition. Clearly, he wants to keep up with the world, especially in terms of cryptocurrency.
But you see, the biggest challenge still comes from those regulatory agencies. Take the U.S. SEC, for example, they have been blocking the launch of cryptocurrency ETFs for over a decade, and only now are they agreeing; it’s an extreme case of procrastination! The South Korean Financial Services Commission is the same; last year they could have allowed these products to launch earlier, but they were too scared of regulatory issues to take action. This is a typical problem of these regulatory agencies; standing in opposition to the market, they are always hesitant and waste countless opportunities.
To be honest, South Korea and other countries have already started taking action, while U.S. regulators are still stuck in the past and haven't kept up with the times at all. You see, the market wants these innovative products, and there’s a huge demand; South Korea's response has been much quicker than that of the United States. And what about the Federal Reserve? The SEC? They are always dragging their feet, completely unable to adapt to the demands of the new era.
Cryptocurrency ETFs will succeed; it’s just a matter of time. Other countries have already seen this clearly, while the U.S. is still standing still, missing too many opportunities.
