South Korea’s Financial Supervisory Service (FSS), the country’s primary financial regulator, is planning to engage with the United States Securities and Exchange Commission (SEC) to gain insights into spot Bitcoin exchange-traded funds (ETFs).
The FSS is responsible for examining and supervising financial institutions in South Korea, operating under the overarching oversight of the Financial Services Commission.
FSS Chief Lee Bok-Hyun unveiled a business plan for 2024 on February 5, including initiatives to visit major advanced financial markets like New York in the second quarter of the year. During these visits, discussions will take place on various aspects of South Korean financial markets, with a particular focus on spot Bitcoin ETFs.
Lee Bok-Hyun has expressed his intention to meet with SEC Chair Gary Gensler later in 2024. The discussions will encompass digital assets and spot Bitcoin ETFs, among other topics. He emphasized that the recent SEC approval of spot Bitcoin ETFs had significant implications for global financial policies.
This move follows the SEC’s historic decision to approve 11 spot Bitcoin ETFs on January 10, marking the first such approvals in the United States. Previous rejections had cited concerns about the small size of the crypto market, making it susceptible to manipulation.
Subsequent to the SEC’s approval, the South Korean securities regulator cautioned local firms against facilitating spot Bitcoin ETFs from the United States. However, it also indicated plans to review and update its regulations pertaining to the approval of spot Bitcoin ETF trading in the United States.
South Korea is a prominent regulator of cryptocurrency markets in the Asia-Pacific region. The nation often takes cues from the United States in shaping its crypto regulations, including measures such as prohibiting the use of credit cards for crypto purchases and banning crypto mixing services.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up