South Korea presidential workplace hints at home spot Bitcoin ETF amid regional uncertainty

The Workplace of the President of the Republic of Korea urged the monetary regulator, the Monetary Providers Fee (FSC), to reevaluate its stance on spot crypto Alternate Traded Funds (ETFs), native media outlet Maekyung reported on Jan. 19.

The President’s workplace inspired the monetary regulator to undertake a versatile strategy to those monetary merchandise as a substitute of getting a inflexible ‘sure’ or ‘no’ place.

Tae-yoon Sung, the top of the presidential coverage workplace, reportedly mentioned the authorized system was assessing whether or not international merchandise have been appropriate for the Asian nation or whether or not international ETFs may very well be made domestically tradeable.

“We’re additional inspecting how we are able to forestall it from changing into a aspect impact or threat issue for different monetary merchandise or the actual economic system whereas nonetheless having one other funding asset aspect,” Sung added.

The President’s workplace assertion follows a latest warning by the FSC in opposition to home securities companies brokering international ETFs.

On Jan. 12, the regulatory physique highlighted potential violations of native legal guidelines by home companies providing international spot Bitcoin ETFs, forcing these companies to droop their companies for foreign-listed ETFs. Maekyung has, nonetheless, reported that the President’s Workplace could also be seeking to rethink these selections.

Asian nations divided on stance in direction of crypto ETFs

South Korean authorities’ diverging views about these ETFs mirror Asia’s prevailing outlook on such merchandise.

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