Bitcoin exchange-traded funds fall under attention of South Korea

South Korea’s FSS, its chief financial regulator, is likely to meet the SEC in the US to discuss the recently approved spot Bitcoin exchange-traded funds of the country.

The Bitcoin exchange-traded funds of the US have recently become the main spotlight for the crypto industry. A South Korean financial regulator has also spotted their significance and will likely discuss it with its US counterpart. The regulator, the Financial Supervisory Service, will discuss the spot Bitcoin ETFs with the SEC in the US.

A report described the plan of the Financial Supervisory Service in 2024. The regulator will visit major financial centers worldwide, including New York. The report mentioned they will discuss the spot Bitcoin ETFs in the second half of the year. Discussions regarding the South Korean financial markets could also occur along with the ETFs.

The FSS’ head Lee Bok-Hyun, made the pubic announcement. His meeting will be scheduled with the SEC’s head, Gary Gensler. Along with his announcement, he also spoke about the impact of Bitcoin ETFs on global financial services. Thus, the ETF approvals by the US could have positively affected other global regulators.

A few months back in October 2023, Lee Bok-Hyun also spoke about amendments to their Virtual Asset Law. He claimed some issues around the law needed changes for better regulation. Meanwhile, the FSS has been working with the Bank of Korea on a South Korean central bank digital currency.

Regulators in South Korea made several changes to rules in 2023 to protect crypto investors. In December 2023, the Financial Services Commission proposed new rules for crypto asset service providers. At the same time, government officials were mandated to declare their crypto holdings.

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