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Home»BLOCKCHAIN NEWS»South Korea may reconsider its stance on Bitcoin ETFs
BLOCKCHAIN NEWS

South Korea may reconsider its stance on Bitcoin ETFs

By Crypto FlexsJanuary 19, 20242 Mins Read
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South Korea may reconsider its stance on Bitcoin ETFs
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The Blue House took an active stance regarding Bitcoin exchange-traded fund (ETF) trading. This development comes just a week after the Financial Services Commission (FSC), the country’s main financial regulator, warned against US-based spot Bitcoin ETF trading.

The Yongsan Blue House also urged the Financial Supervisory Commission to reconsider its position. Seong Tae-yoon, head of the Blue House policy office, said, “We are reviewing whether we can change our country’s legal system appropriately or what happens overseas can be accepted in our country.” This statement reflects the country’s willingness to adjust its legal framework in response to international financial developments, particularly in the field of cryptocurrencies.​​​​​​

On January 12, the Financial Services Commission pointed out that trading or brokering overseas-listed spot Bitcoin ETFs may violate the Capital Markets Act, causing major domestic securities firms to suspend trading in these ETFs. However, a recent statement from the Blue House suggests a possible change in policy direction. The FSC acknowledges that cryptocurrency regulation is an evolving field and its policies will need to be continuously reviewed as global markets develop.​​​​​​

This review by the Blue House also corresponds to broader trends in the region. While South Korea is reassessing its approach to Bitcoin ETFs, other Asian countries, including Singapore and Thailand, have expressed hesitation in adopting them. In contrast, Hong Kong is emerging as a potential hub for these financial products, with several fund managers showing interest in launching spot cryptocurrency ETFs in Hong Kong.

This change in South Korea’s stance on Bitcoin ETFs highlights the dynamic and evolving nature of cryptocurrency regulation globally. The government’s consideration of foreign affairs in local regulations signals its willingness to adapt to the changing financial environment and potentially embrace digital assets as a legitimate investment option. However, the variety of approaches within Asia shows that each country is navigating the cryptocurrency landscape differently, taking into account its unique regulatory environment and market conditions.

In addition to the Bitcoin ETF discussion, Korea’s Financial Intelligence Unit (FIU) is reportedly planning to introduce new regulations for digital asset mixing services. While these services help maintain privacy and reduce traceability of funds across multiple chains, they also raise concerns about money laundering. The FIU’s move follows US sanctions against cryptocurrency mixers and aims to combat illicit money laundering activities.​​​.

Image source: Shutterstock

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