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- South Korea warns towards the home brokerage of the US-listed bitcoin ETFs.
- The nation doesn’t intend to carry the ban on exchange-traded funds or cryptocurrencies.
- The transfer got here following the US SEC’s historic determination to approve the Spot Bitcoin ETF launch.
South Korea reiterated its stance towards the crypto exchange-traded funds in response to the US Securities and Trade Fee’s Bitcoin ETF approval. Along with South Korea’s determination to pursue restrictions on ETFs, the nation not too long ago warned that brokering US spot ETFs can be unlawful in native markets.
In an official assertion on January 12, the Monetary Companies Fee (FSC) of South Korea asserted that the home brokerage of the US-listed Bitcoin ETFs will violate the nation’s current guidelines of digital belongings. The FSC acknowledged, “For home securities companies, any brokering of overseas-listed Bitcoin spot Trade Traded Funds could violate the prevailing authorities stance on digital belongings and the Capital Markets Act.”
Subsequent to the SEC’s landmark determination on Bitcoin ETFs, South Korea proclaimed that the nation doesn’t intend to carry the ban on ETFs. Remaining unmoved by the US SEC’s determination, South Korea reiterated its restrictive coverage on crypto belongings. South Korea’s regulatory physique added that the nation will proceed scrutinizing the regulatory panorama surrounding spot bitcoin ETF funding.
Notably, South Korea doesn’t contemplate cryptocurrencies as monetary belongings. Involved in regards to the potential dangers and threats related to digital belongings, the nation banned crypto investments in 2017.
South Korea’s agency stance on the crypto restrictions aligns with the nation’s cautious strategy to crypto laws. The nation is at the moment engaged on a two-part crypto regulation. Whereas the primary half was issued final 12 months, the second half is ready to concentrate on establishing complete guidelines on the issuance, itemizing, and delisting of digital belongings.
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