A Blue House official said, “The Blue House urged the Financial Supervisory Service to reconsider the possibility of approving a Bitcoin domestic spot ETF (exchange-traded fund).”
Sung Tae-yoon, chief of staff for policy at the Blue House, said at a briefing Thursday that the South Korean government is exploring ways to incorporate diplomatic issues into local regulations. This could indicate Korea’s openness to the launch of a spot cryptocurrency ETF. local news outlets Maeil Business Newspaper Reported on Friday.
The Blue House’s remarks came after the Financial Services Commission last week. Warning to local businesses Brokering of overseas-listed Bitcoin spot ETFs can be interpreted as a violation of capital market regulations. Following this announcement, several major domestic securities firms suspended existing overseas spot Bitcoin ETF trading.
Elsewhere in Asia
While the Korean government has some differing opinions on the possibility of a domestic spot Bitcoin ETF, Singapore and Thailand said they are not considering it. Singapore Monetary Authority told CNA Earlier this week, spot Bitcoin ETFs were not available to local retail investors. Thailand’s Securities and Exchange Commission also said this week that it has no plans to authorize local companies to launch ETFs such as: reported From the Bangkok Post.
Local experts say Hong Kong could be that hub. next hub In Asia, we are working with financial regulators to introduce local spot cryptocurrency ETFs. publish two circulars We will address the requirements for such ETFs in December. Livio Weng, COO of Hong Kong-based cryptocurrency exchange HashKey, said last week that 10 fund managers, including some backed by Chinese capital, had been Considering launching a spot cryptocurrency ETF city.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.