Korea Exchange (KRX) managing director Sohn Byung-doo urged South Korea to prepare institutional infrastructure as virtual assets have become a major investment asset in the country.
- In his speech at the Global ETP 2021 conference, Sohn insisted that “the virtual asset market is no different from the capital market in that it must be supported by investor protection and stability of transactions”. The KRX chief drew attention to the large number of crypto investors in the country – 5 million – and how the daily volume of trading in the Korean crypto market is close to that of the stock market.
- Sohn revealed that the daily trading volume in the Korean virtual asset market is around 14 trillion Korean won (around $ 12 billion), while the KOSPI (Korea Composite Stock Price Index) reveals that the stock market processed more than 19 trillion won (approximately US $ 16.1). billion) on November 30. The virtual asset market’s daily trading volume exceeded that of KOSPI in March and then again in September of this year.
- Currently, South Korea classifies cryptocurrencies as intangible assets, such as computer software or patents, and plans to tax crypto wins as other income, when the profits are made at random, such as lottery wins. .