PANews reported on December 2 that Simon Kim, CEO of Hashed, South Korea's largest crypto venture capital firm, wrote that with South Korea's cryptocurrency taxation postponed for another two years, the long-stagnant encryption and Web3 institutionalization process is expected to accelerate.

He listed a number of policy directions that he expected to promote, including:

1. Allowing companies to open cryptocurrency accounts;

2. Opening up institutional investors to participate in cryptocurrency investment;

3. Allowing the issuance of tokens in South Korea;

4. Release the regulatory framework for security tokens (STO) and real world assets (RWA);

5. Formulate relevant policy guidelines for stablecoins;

6. Establish accounting standards for the issuance, holding and investment of virtual assets;

7. Clarify the division of custodianship and establish a professional custodian institution to replace the current situation where both the exchange and the issuer serve as custodians;

8. Recognize cryptocurrency companies as venture capital companies instead of the current classification of the gambling industry;

9. Allowing foreign users to access Korean cryptocurrency exchanges;

10. Easing restrictions on Korean companies’ investments in overseas blockchain companies (currently such investments are often rejected by Korean banks).

Simon Kim believes that the implementation of these policies will significantly promote South Korea's global competitiveness and development potential in the fields of cryptocurrency and Web3.