South Korea’s Financial Supervisory Service Prepares for US Visit
South Korea’s Financial Supervisory Service (FSS) Director, Lee Bok-hyun, is gearing up for a visit to the U.S. to meet with SEC chairman Gary Gensler to discuss the cryptocurrency industry and Bitcoin ETFs. The purpose of the visit is to enhance collaboration between financial authorities in South Korea and the United States.
South Korea’s Big Announcement
Director Lee announced his 2024 business plan at the Financial Supervisory Service (FSS) in Yeouido, Seoul. He revealed plans to visit major advanced financial markets, including New York, USA, in Q2. The primary focus of these discussions will be on Korea’s discount measures, specifically the Bitcoin spot ETF and a corporate value-up program.
Director Lee has already had a meeting with SEC Chairman Gensler earlier this year, setting the stage for strong discussions in the upcoming sessions. The aim is to address virtual asset concerns and seek approval for a Bitcoin spot ETF.
South Korea is one of the leading crypto regulators in the Asia-Pacific region, often following the footsteps of the U.S. in crypto rules. This includes bans on using credit cards for crypto and cracking down on crypto mixing services.
During the second week of January, as the SEC approved the spot BTC ETF, the South Korean securities regulator issued a warning to local firms, cautioning them against brokering spot Bitcoin ETFs from the U.S. Meanwhile, South Korea’s Office of the President took a different stance by urging the financial regulator to reconsider the possibility of a spot Bitcoin ETF within the country, suggesting adopting a flexible approach to the matter.
Consequently, the FSS under the Financial Services Commission (FSC) is set to engage with the SEC and Chair Gary Gensler to discuss the implications of the spot Bitcoin ETF and explore the regulatory landscape surrounding it.
Hot Take: The Future of Bitcoin ETFs in South Korea
It will be interesting to see how the discussions between the FSS and the SEC play out. The potential collaboration between the two countries could have significant implications for the future of Bitcoin ETFs in South Korea and the wider cryptocurrency industry.
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