South Korea Seeks Guidance on Bitcoin Spot ETFs from US SEC
The Financial Supervisory Service (FSS) in South Korea plans to consult the United States Securities and Exchange Commission (SEC) on the matter of Bitcoin Spot Exchange-Traded Funds (ETFs). FSS Governor Lee Bok-hyun is scheduled to meet with US SEC Chairman Gary Gensler to discuss various financial markets, including digital assets and Bitcoin spot ETFs. As part of the FSS’s business plan for 2024, Lee intends to visit major advanced financial markets like New York in Q2 of this year.
Impact of SEC Approval on International Financial Policy
The recent approval of 11 Spot BTC ETFs by the SEC has significant implications for international financial policy, according to Lee. South Korean regulators had previously expressed concerns about crypto mixers and potential fraud in the industry. However, following the SEC’s approval, the country’s presidential office encouraged regulators to reconsider their stance on BTC ETFs and other crypto products. The government also expressed the need to adapt the country’s legal system appropriately and consider overseas developments in these matters.
South Korea Aligns with US Crypto Regulations
South Korea is one of the top regulators of cryptocurrency markets in the Asia-Pacific region, alongside Japan. The country has consistently adopted US policies regarding crypto rules, such as restrictions on crypto mixing services and banning credit card use for digital asset purchases.
New Plans by South Korea FSC for Local Cryptocurrency Laws
The Financial Services Commission (FSC) of South Korea has announced new plans that require individuals taking executive roles in cryptocurrency firms to obtain approval from the regulator before assuming their responsibilities. This move aims to address issues with current legislation governing the local crypto market and enhance the FSC’s influence over crypto asset regulation. If approved, newly hired executives in South Korean cryptocurrency industries will need regulatory permission to begin their roles. The revisions are expected to take effect by the end of March, pending inspection by the Ministry of Government Legislation and a vote by the FSC.
Hot Take: South Korea Seeks US Guidance on Bitcoin Spot ETFs
The Financial Supervisory Service (FSS) in South Korea plans to consult with the United States Securities and Exchange Commission (SEC) regarding Bitcoin Spot Exchange-Traded Funds (ETFs). FSS Governor Lee Bok-hyun will meet with US SEC Chairman Gary Gensler to discuss various financial markets, including digital assets and Bitcoin spot ETFs. This move follows the SEC’s recent approval of 11 Spot BTC ETFs, which has significant implications for international financial policy. South Korea aims to align its crypto regulations with those of the US, and the country’s Financial Services Commission (FSC) is also introducing new plans to enhance its influence over local cryptocurrency laws.
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