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Home»ADOPTION NEWS»South Korea reaffirms ban on cryptocurrency ETFs despite US approval
ADOPTION NEWS

South Korea reaffirms ban on cryptocurrency ETFs despite US approval

By Crypto FlexsJanuary 11, 20242 Mins Read
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South Korea reaffirms ban on cryptocurrency ETFs despite US approval
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Posted 1 minute ago In ~

South Korea’s top financial regulator said today it would follow rules restricting financial institutions from launching cryptocurrency exchange-traded funds (ETFs), local media reported.

Domestic Financial Services Commission official said Local news outlet Kyunghyang Shinmun said the approval of spot Bitcoin ETFs in the U.S. is not an event that would lead Korean regulators to lift or reconsider the ban. The report cited financial market stability and investor protection as reasons for maintaining current regulations.

of that country Capital Markets Act Currently, the scope of underlying assets of investment contract securities such as ETFs is limited to financial investment products, currencies, and general products that do not include cryptocurrency. Korea does not recognize cryptocurrency as a financial asset, and has banned financial institutions from investing in cryptocurrency since 2017.

South Korea is developing a two-part cryptocurrency regulation. The first part was passed last year and is scheduled to take effect in July 2024. South Korea is formulating the second part of its cryptocurrency law, which aims to set clear rules regarding issuance. And cryptocurrency delisting.

FSC did not immediately respond to The Block’s request for comment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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.

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