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South Korea’s Financial Supervisory Service (FSS) is set to explore insights from the United States Securities and Exchange Commission (SEC) regarding spot Bitcoin exchange-traded funds (ETFs), following the recent approval by the SEC.
S. Korea has been a prominent regulator in the Asia-Pacific cryptocurrency markets, often aligning its policies with the United States. In a significant move, the FSS chief, Lee Bok-Hyun, presented a 2024 business plan on Feb. 5, which includes engagements with major financial markets, particularly New York, to discuss various aspects of S. Korea financial markets, with a focus on spot Bitcoin ETFs.
FSS Chief’s Business Plan
Lee Bok-Hyun outlined plans to visit major advanced financial markets in the second quarter of 2024. The key agenda includes discussions on spot Bitcoin ETFs, aiming to gather insights and perspectives on the recent developments in the crypto regulatory landscape. This move signifies South Korea’s commitment to staying abreast of global trends in the cryptocurrency market.
Meeting with SEC Chair Gary Gensler
Lee Bok-Hyun intends to meet with SEC Chair Gary Gensler later in 2024 to delve into topics related to digital assets, with a primary focus on spot Bitcoin ETFs. The SEC’s recent approval of 11 spot BTC ETFs on Jan. 10 has had a profound impact on global financial policies, prompting S. Korea financial watchdog to seek discussions with key figures in the regulatory landscape.
SEC’s Historical Decision and S. Korea Response
The SEC’s historic decision to approve spot BTC ETFs marked a significant shift in its stance, as it had previously denied such applications citing concerns about the crypto market’s small size and susceptibility to manipulation. The Korean securities regulator, reacting to the SEC’s move, cautioned local firms against brokering spot Bitcoin ETFs from the United States. However, the FSS expressed its intention to review and update regulations concerning spot Bitcoin ETF trade approval in the U.S.
Implications for South Korean Crypto Regulations
South Korea’s active engagement with the SEC and its exploration of the spot Bitcoin ETF landscape signal potential adjustments to its cryptocurrency regulations. As one of the leading regulators in the region, South Korea aims to stay ahead in the rapidly evolving crypto space, and the discussions with Gary Gensler could influence the nation’s approach to crypto market oversight.
In the ever-changing world of cryptocurrency regulations, S. Korea proactive measures underscore the importance of global collaboration and information exchange among financial regulators. The outcome of the discussions between the FSS and the SEC may shape the future trajectory of spot Bitcoin ETFs and their role in the broader financial markets.
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