Next BOK Governor Hints at Possible Recognition of Crypto's Role

On April 15, Shin Hyun-song, nominee for Governor of the Bank of Korea (BOK), stated at a parliamentary confirmation hearing that stablecoins and deposit tokens based on central bank digital currency (CBDC) have their own roles within the monetary ecosystem. These remarks raised the possibility that digital assets (virtual assets) could play a certain role within the financial system, prompting the domestic securities industry to begin entering the related market, such as by acquiring stakes in virtual asset exchanges.

The domestic securities industry is actively moving to enter the coin trading and distribution market through the acquisition of stakes in virtual asset exchanges and other means. Specifically, Mirae Asset Securities is in the process of acquiring a stake in Korbit, the fourth-largest virtual asset exchange in South Korea, through its affiliate.

Furthermore, Mirae Asset Securities' Hong Kong subsidiary has received approval for a 'Digital Asset Retail License' from the Hong Kong Securities and Futures Commission and plans to launch services targeting local individual investors.