Cumberland CEO Urges Korean Government to Consider Crypto Sphere as Foreign Instituitions Move In

According to a recent CCN report, it appears that discussions are being held to convince the South Korean government to get themselves more involved within the crypto sphere (https://www.ccn.com/major-crypto-otc-exchange-in-korea-govt-should-acknowledge-fidelity-nasdaq/).

A supposed meeting which included five major players within the crypto sphere along with over-the-counter (OTC) exchange, Cumberland and the South Korean government took place.

The report seems to have covered the perspective of the CEO of Cumberland, Hong Joon-ki, who happens to be for cryptocurrencies and why it is important for the country to make a move now. In particular, he expressed his viewpoint on the current exposure cryptocurrencies have as well as the involvement of financial giants worldwide in front of several members of the government, the National Assembly and the Financial Services Commission notes CCN.

Based on the claims made by Hong, what was once considered impossible seems to be the driving force for South Korea today. He made this reference to when he first arrived to the country as a “derivatives expert” in 1993 and how South Korea has indulged in overseas markets via derivatives in present day. This, according to him, goes to show that South Korea needs to get more involved within the crypto sphere so that they can effectively “serve cryptocurrency investors.”

His argument was also supported by the fact that financial institutions such as Fidelity, Goldman Sachs, NASDAQ and NYSE have already dived into the respective market – indicating the competitive advantage South Korea could possibly be missing out on. He also noted that security tokens are going to change the way things are done:

“The global cryptocurrency market will shift to security tokens quickly. […] Global financial institutions are entering the crypto market with the vision of tokenizing and digitalizing existing assets and they are expanding their initiatives.”

Do you think Hong was successful in convincing the South Korean government to become a competitor within the crypto sphere? Let us know in the comments below.