The South Korean Presidential Committee of the Fourth Industrial Revolution (PCFIR) has recommended that the government should allow the launch of crypto-based financial products by financial institutions.

It was reported today that, the committee recommended products such as bitcoin derivatives to be allowed as part of a strategy for the institutionalization of cryptocurrencies.

The PCFIR also recommended that the local financial sector should develop and introduce a Korean custody solution. It believes that this will enable the government to avoid relying on foreign custodians when handling cryptocurrencies. The committee also added that Bitcoin should be listed directly on the Korea exchange.

It further advised the government to consider introducing business licenses or guidelines for crypto exchanges. It also recommended the integration of crypto-related products into the financial system in the mid to long term.

The PCFIR was formed by presidential decree in 2017. Its duties are to coordinate policy initiatives and recommendations regarding the development of new science and technologies in South Korea. It also organizes forums and deliberates on the roles of new technology. In addition, it organizes public campaigns and measures to support the adoption of new technologies.

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