South Korean Financial Watchdog Turns to SEC

South Korean Financial Watchdog Turns to SEC


South Korea’s Financial Supervisory Service (FSS) is seeking
guidance from the United States Securities and Exchange Commission (SEC) on
spot Bitcoin exchange-traded funds (ETF).

The Governor of FSS, Lee Bok-Hyun, outlined plans for 2024, including
visits to major financial markets like New York in the second quarter. The
purpose is to discuss various aspects of South Korean financial markets,
including spot Bitcoin ETFs.

Lee intends to meet with the SEC’s Chair, Gary Gensler, later in the
year to discuss digital assets and spot Bitcoin ETFs. He highlighted the
significant impact of the SEC’s recent approval of spot Bitcoin ETFs on global
financial policies.

The announcement follows the SEC’s approval of 11 spot Bitcoin
ETFs on January 10, marking a historic decision. Previously, the SEC had denied
spot Bitcoin ETF
applications due to concerns about market manipulation in the crypto market.

FSC Faces Pressure amidst SEC’s Bitcoin ETF Approval

Finance
Magnates
reported that the Office of the President of the Republic of Korea
has been challenging the Financial Services Commission’s (FSC) stance against spot
Bitcoin ETFs, following the FSC’s caution against
trading US-based spot Bitcoin ETFs post-approval by the SEC.

The President’s Office urged the FSC to adopt a more
flexible approach, signaling a potential regulatory shift. The FSC recently
warned against domestic securities firms trading or brokering overseas-listed
spot Bitcoin ETFs, citing possible violations of the Capital Markets Act.

However,
the President’s Office emphasized the need for the FSC to consider global
developments and explore legal adjustments. Despite the SEC’s approval, South
Korea’s financial regulator has rejected spot Bitcoin ETF trading, expressing
concerns about potential violations and advocating for a cautious approach in
aligning activities with domestic regulations.

The absence of a legal framework acknowledging virtual
assets in the nation further complicates the issue, rendering it difficult for
the FSC to permit the listing and indirect trading of crypto ETFs through
domestic securities firms.

South Korea’s Financial Supervisory Service (FSS) is seeking
guidance from the United States Securities and Exchange Commission (SEC) on
spot Bitcoin exchange-traded funds (ETF).

The Governor of FSS, Lee Bok-Hyun, outlined plans for 2024, including
visits to major financial markets like New York in the second quarter. The
purpose is to discuss various aspects of South Korean financial markets,
including spot Bitcoin ETFs.

Lee intends to meet with the SEC’s Chair, Gary Gensler, later in the
year to discuss digital assets and spot Bitcoin ETFs. He highlighted the
significant impact of the SEC’s recent approval of spot Bitcoin ETFs on global
financial policies.

The announcement follows the SEC’s approval of 11 spot Bitcoin
ETFs on January 10, marking a historic decision. Previously, the SEC had denied
spot Bitcoin ETF
applications due to concerns about market manipulation in the crypto market.

FSC Faces Pressure amidst SEC’s Bitcoin ETF Approval

Finance
Magnates
reported that the Office of the President of the Republic of Korea
has been challenging the Financial Services Commission’s (FSC) stance against spot
Bitcoin ETFs, following the FSC’s caution against
trading US-based spot Bitcoin ETFs post-approval by the SEC.

The President’s Office urged the FSC to adopt a more
flexible approach, signaling a potential regulatory shift. The FSC recently
warned against domestic securities firms trading or brokering overseas-listed
spot Bitcoin ETFs, citing possible violations of the Capital Markets Act.

However,
the President’s Office emphasized the need for the FSC to consider global
developments and explore legal adjustments. Despite the SEC’s approval, South
Korea’s financial regulator has rejected spot Bitcoin ETF trading, expressing
concerns about potential violations and advocating for a cautious approach in
aligning activities with domestic regulations.

The absence of a legal framework acknowledging virtual
assets in the nation further complicates the issue, rendering it difficult for
the FSC to permit the listing and indirect trading of crypto ETFs through
domestic securities firms.





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