The Financial Supervisory Service (FSS), the head of Korea’s Financial Supervisory Service, plans to meet with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to discuss spot Bitcoin ETFs.
According to local publications HankyungLee Bok-hyeon, head of the Financial Supervisory Service, announced this year’s business plan on the 5th, including visiting ‘advanced financial markets’ such as New York. Lee also revealed plans to meet with SEC Chairman Gensler with topics including “important” topics on virtual assets and spot Bitcoin ETFs.
South Korean regulators have taken a cautious approach toward Bitcoin ETFs. In January, the Financial Services Commission reiterated that it would not adjust its position on regulations blocking financial institutions from launching cryptocurrency ETFs in response to the landmark approval of several spot Bitcoin ETFs in the United States. It also warned that brokering U.S. spot Bitcoin ETFs may be illegal in local markets under the Capital Markets Act.
The Capital Markets Act limits the underlying assets of ETFs to financial investment products, currencies, and general products. Cryptocurrencies are excluded as they are not considered financial assets.
The SEC’s approval of a Bitcoin spot ETF in the U.S. in early January was seen as a watershed in institutional acceptance of the cryptocurrency, but U.S. regulators were reluctant to take action. For more than a decade, the SEC has been rejecting applications from companies seeking to offer these investment products to U.S. investors, always citing concerns about market manipulation.
After years of delays and application rejections, the SEC moved to review Grayscale’s application following a court order. Grayscale agreed that the regulator’s decision was “arbitrary and capricious.”
In a statement accompanying the endorsement, Gensler acknowledged that “things have changed,” but also took the opportunity to say, “We have not approved or supported Bitcoin.”
Edited by Stacey Elliott.
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Source: Decrypt.co
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