South Korea to Consult US SEC on Bitcoin ETFs, Reveals FSS Chief
Summary:
South Korea's Financial Supervisory Service (FSS) plans to consult with the U.S. Securities and Exchange Commission for guidance on Bitcoin exchange-traded funds (ETFs). FSS chief, Lee Bok-Hyun, revealed plans to meet with SEC head Gary Gensler to discuss critical financial matters, especially virtual assets and Bitcoin ETFs. This announcement follows the recent SEC approval of the first Bitcoin ETFs in the U.S. Now, the Korean securities regulator is underway to review and update their own regulations concerning Bitcoin ETF trade approval.
South Korea's primary financial regulation agency, the Financial Supervisory Service (FSS), is considering consulting with the United States Securities and Exchange Commission (SEC) for guidance in regards to Bitcoin exchange-traded funds (ETFs). As the integrated financial authority, the FSS supervises and scrutinizes financial institutions within the comprehensive managerial control of the Financial Services Commission. On February 5, FSS director, Lee Bok-Hyun, unveiled a strategic plan for 2024 at the Financial Supervisory Service's headquarters in Seoul. This strategy encompasses tours to key progressive financial hubs such as New York during the year's second quarter to deliberate over matters pertaining to South Korea's financial landscape, including exploratory talks on Bitcoin ETFs, a recent report detailed.
Lee hinted at plans to consult with SEC head, Gary Gensler, later in the year to discuss several financial matters, putting virtual assets and Bitcoin ETFs at the center. Lee recognized the significant influence that the SEC's recent endorsement of Bitcoin ETFs has had on global financial policies.
These comments from Lee come shortly after the SEC permitted the first Bitcoin ETFs in the United States, marking a significant occasion in regulatory history. The US regulatory authority endorsing eleven Bitcoin ETFs on January 10 signaled a shift in position after years of rejecting these proposals. Prior rejections were attributed to the relatively small size of the cryptocurrency market and its vulnerability to potential market manipulation.
In related news, a notable development occurred in January's second week, the same time as the SEC's approval of Bitcoin ETFs. Korean securities regulators advised local companies against facilitating Bitcoin ETFs from the US. Simultaneously, they revealed their plans to reevaluate and restructure their regulations concerning Bitcoin ETF trade approval in America.
South Korea has established itself as a significant player in cryptocurrency regulation in the Asia-Pacific region, frequently mirroring US stances on cryptocurrency rules. These include banning credit card usage for cryptocurrency acquisitions and outlawing cryptocurrency mixing services.
Published At
2/5/2024 11:18:19 AM
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