South Korea’s digital asset trade is poised for important progress, mentioned Cho Jin-seok, the CEO of CODA, on the current Bitcoin Seoul 2024 occasion. Cho believes 2024 will probably be a pivotal 12 months, fueled by components just like the strengthening of Bitcoin’s place and potential regulatory shifts.
Whereas acknowledging the present challenges brought on by strict rules, Cho pointed to optimistic indicators like the worldwide development in direction of Bitcoin spot ETFs and a extra favorable U.S. political local weather. He expressed hope that the implementation of the Digital Asset Consumer Safety Act in July will result in a extra streamlined and investor-friendly atmosphere.
Cho emphasised the significance of a custody marketplace for trade progress. He added that CODA is well-positioned to capitalize on this with its deal with safety, clear procedures, and regulatory compliance.
The corporate plans to be an early adopter of the brand new rules, increasing its providers with staking, OTC buying and selling, and taking preemptive measures for potential ETF developments.
The dialogue additionally featured Hashed CFO Seong-wook Hong, who supplied insights from a VC perspective. Hong acknowledged the challenges of investing in startups inside the extremely regulated custody house.
He highlighted the rise within the variety of established gamers within the U.S. market and the alternatives for joint ventures with native monetary establishments within the rising markets.
Hong’s outlook included a optimistic spin on the current adjustments within the U.S. political panorama. He believes the “Monetary Expertise Innovation Act for the twenty first Century (FIT21)” might affect the regulatory atmosphere for cryptocurrencies. With bipartisan help for the invoice, its passage appears doubtless, paving the way in which for a extra optimistic 12 months for the trade.”
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