Spot Bitcoin ETF applications have seen light at the end of the US tunnel. The US SEC gave the green light last week, paving the way for ETFs of other cryptocurrency tokens. There’s a lot of talk around town about whether an Ether ETF could be the next offering, and companies like BlackRock are making moves. Now it is South Korea that has sent a message to financial regulators, asking them to consider approving spot Bitcoin ETFs in the region.
If approved, its functionality will be virtually identical to the product on American soil. Seong Tae-yoon confirmed that this communication came directly from the Korean President’s office. According to them, the government is considering integrating diplomatic work into local regulatory agencies. That means the government could accept imposing sanctions after the Spot Bitcoin ETF is presented for consideration.
But it’s not as perfect as it looks. The Financial Services Commission previously issued a warning that domestic companies may exercise caution before brokering foreign-listed Bitcoin ETFs. The commission cited possible violations of capital markets rules, triggering a series of deal dismissals for the product.
Nonetheless, cryptocurrency enthusiasts have identified Korea as the next Asian hub for cryptocurrency trading. Other Asian regions previously teased as being a bit closer to that status are Singapore and Thailand. Both areas have dismissed the possibility of approving Spot Bitcoin ETF applications. The Monetary Authority of Singapore has stated that Bitcoin ETFs are not available to local retail investors. Thailand’s SEC has confirmed that it has no plans to establish a Bitcoin ETF lineup anytime soon.
However, the U.S. Securities and Exchange Commission’s approval of the Bitcoin ETF did little to boost the token’s value. BTC passed the $47,000 milestone when news of its approval made headlines. BTC fell to $41,200.45, close to the $38,000 resistance margin. Bitcoin was initially expected to turn things around after approval, but that did not happen. Crypto community members are hoping that the upcoming Bitcoin halving will push the token closer to all-time highs.
The current market value is down 3.71% in the last 24 hours, 10.88% in the last 7 days and 3.82% in the last 30 days. The only way to keep BTC holders optimistic is to: Bitcoin’s future The token has surged 97.90% over the past year.
Moreover, while market capitalization decreased by 3.72%, 24-hour trading volume increased by 31.37%. South Korea’s desire to put a spot Bitcoin ETF on the table for discussion and potential approval is indicative of the country’s openness moving forward. There may continue to be pushback from local authorities and businesses. Ultimately, only time will tell what happens to the country’s Bitcoin ETF products.