FSS chairman Lee Bok-Hyun plans to discuss aspects of the South Korean financial markets including spot Bitcoin ETFs in Q2 of 2024.
The top financial regulator in South Korea, the Financial Supervisory Service (FSS), is considering reaching out to the SEC in the US for advice on spot Bitcoin ETFs. Under the Financial Services Commission’s general supervision, the FSS investigates and oversees financial organizations. At the Financial Supervisory Service in Seoul on February 5, FSS chairman Lee Bok-Hyun presented a business plan for 2024.
Some parts of the South Korean financial markets, including spot Bitcoin (BTC) exchange-traded funds (ETFs), will reportedly be discussed during visits to major advanced financial markets like New York in the second quarter of the year.
The head of FSS has stated his intention to meet with SEC Chair Gary Gensler later in 2024 to address various matters, including digital assets and Bitcoin ETFs.
The recent approval of spot Bitcoin ETFs by the SEC, he continued, has a profound effect on global financial policy. Just weeks after the SEC greenlight, the first spot Bitcoin exchange-traded funds (ETFs) in the US, Lee makes his announcement.
The SEC made history on January 10 when it authorized eleven spot Bitcoin ETFs.
Due to the relatively tiny size of the cryptocurrency market, which leaves it vulnerable to manipulation, the SEC has previously rejected petitions for spot BTC ETFs.
The Korean securities regulator cautioned domestic firms from brokering U.S.-based spot Bitcoin exchange-traded funds (ETFs) following the SEC’s approval of such funds. But it did say it would be reviewing and updating its rules on the approval of spot Bitcoin ETF trades in the US.
Among the Asia-Pacific nations that handle the bitcoin business, South Korea stands out. Bans on crypto mixing services and credit card purchases of cryptocurrencies are only two examples of how the country has followed the lead of the United States in regulating the cryptocurrency market.
