South Korean financial watchdog director is preparing a visit to the United States to discuss cryptocurrency regulation with Gary Gensler, chairman of the Securities and Exchange Commission (SEC), with an emphasis on the SEC’s recent decision to authorize spot bitcoin exchange-traded funds (ETFs). He emphasized that the current global impact of SEC policies is significant.
#CryptoNews: South Korea's Financial Services Commission (FSC) has proposed new legislation to its financial regulations that would give the watchdog more authority over the local crypto sector.🇰🇷https://t.co/hiQ7B8NEVt
— CoinMarketCap (@CoinMarketCap) February 6, 2024
South Korea seeks to discuss cryptocurrency regulation with SEC Chair Gary Gensler.
According to local media reports, South Korea’s Financial Supervisory Service (FSS) Governor Lee Bok-hyun revealed on Monday that he plans to visit leading financial markets in 2024, including the United States.
During these travels, the FSS chief intends to hold conversations on critical regulatory concerns, including those affecting the cryptocurrency business, with a special emphasis on spot bitcoin exchange-traded funds. He commented at a Q&A session with reporters:
This year, I will meet with SEC Chairman Gary Gensler to discuss specific areas of concern. Examples include virtual asset issuance and Bitcoin spot ETFs.
💼 South Korea's regulator to discuss spot Bitcoin ETF with SEC.
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📊 Bitcoin's MVRV at 2-year high, indicating potential price surge.
— Blockchain_Daily_News (@jimmychu95536) February 6, 2024
After years of denial, the Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on January 10. Ten began trading the following day, including Grayscale’s Bitcoin Trust (GBTC), which changed into a spot-bitcoin ETF, and Blackrock’s IShares Bitcoin Trust (IBIT).
South Korea has yet to authorize a spot bitcoin ETF. Virtual assets are not currently designated as financial products in the country; therefore, introducing a spot bitcoin ETF would violate the Korean Capital Market Act, which requires ETFs to track underlying assets such as stocks and bonds.
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