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South Korea’s Presidential Office Cautions Financial Regulator Regarding Approval of Spot Bitcoin ETF
The office of the president of South Korea has advised the nation’s financial regulator to reassess the potential approval of a domestic spot bitcoin exchange-traded fund (ETF).
An official from the presidential office cautioned South Korea’s leading financial authority regarding spot bitcoin ETFs, referencing possible infringements of local capital market regulations.
Sung Tae-yoon, the chief of staff for policy at the presidential office, stated during a briefing on Thursday that the South Korean government is investigating methods to integrate foreign affairs into domestic regulations — which may suggest the country’s willingness to consider the introduction of spot crypto ETFs, as reported by local news outlet Maeil Business on Friday.
The remarks from the presidential office follow a warning issued by the Financial Services Commission last week to local companies, indicating that facilitating foreign-listed bitcoin spot ETFs could be seen as a breach of capital market laws.
In response to this announcement, several prominent local securities firms halted trading of existing foreign spot bitcoin ETFs.
See Also: Singapore Regulators Reject Bitcoin ETF’s Citing High Risk
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Elsewhere In Asia
While the South Korean government exhibits a somewhat mixed stance on the potential for a local spot bitcoin ETF, Singapore and Thailand have indicated that it is not under consideration.
The Monetary Authority of Singapore informed CNA earlier this week that spot bitcoin ETFs are not approved for offering to local retail investors.
Thailand’s Securities and Exchange Commission also announced this week that it does not intend to authorize local firms to launch such ETFs, as reported by the Bangkok Post.
Regional analysts have suggested that Hong Kong may emerge as the next center in Asia to introduce a local spot crypto ETF, with its financial regulators issuing two circulars in December to clarify the requirements for such ETFs.
Livio Weng, COO of the Hong Kong-based crypto exchange HashKey, mentioned last week that 10 fund managers, including some with Chinese backing, are exploring the launch of spot crypto ETFs in the city.
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