March 27, 2024
South Korea Seeks Talks with SEC Chief Gensler on Bitcoin ETFs
Latest Cryptocurrency News

South Korea Seeks Talks with SEC Chief Gensler on Bitcoin ETFs

South Korea’s Financial Supervisory Service (FSS), the primary financial regulator, is seeking insights from the United States Securities and Exchange Commission (SEC) on spot Bitcoin exchange-traded funds (ETFs). FSS Chief Lee Bok-Hyun unveiled the business plan for 2024, which includes visits to major financial markets like New York in the second quarter.

The plan aims to discuss various aspects of South Korean financial markets, with a focus on spot Bitcoin ETFs. Lee expressed the intention to meet with SEC Chair Gary Gensler later in the year to discuss digital assets and spot Bitcoin ETFs. He acknowledged the significant impact of the SEC’s recent approval of spot Bitcoin ETFs on global financial policies.

This move follows the SEC’s historic decision to approve 11 spot BTC ETFs on January 10, marking a departure from previous denials citing concerns about the crypto market’s size and susceptibility to manipulation. South Korea, a prominent regulator in the Asia-Pacific region, has often aligned its crypto regulations with the U.S. The Korean securities regulator had cautioned local firms against brokering spot Bitcoin ETFs from the U.S. after the SEC’s approval.

However, it also mentioned plans to review and update regulations around spot Bitcoin ETF trade approval from the U.S. South Korea’s proactive approach reflects its commitment to staying abreast of global developments in the cryptocurrency market. As the crypto landscape evolves, regulatory bodies engage in international dialogue to shape effective frameworks.

The FSS’s initiative to seek insights from the SEC demonstrates a collaborative approach to navigating the complexities of emerging financial instruments like spot Bitcoin ETFs. This interaction aims to foster a better understanding of regulatory dynamics and facilitate the development of sound policies in South Korea’s crypto market.

Image by on Freepik

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