South Korea In Talks With SEC’s Gensler For Approval Of Spot Bitcoin ETF

The financial regulatory authority of South Korea intends to travel to the United States for a meeting with Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC). The agenda includes discussions on crucial topics such as virtual assets and spot Bitcoin ETF. In the wake of the U.S. SEC’s approval of multiple spot Bitcoin ETFs in January, financial regulators globally are exploring the possibilities of introducing similar products.

According to a report by local media Hankyung on Feb 5, Lee Bok-hyun, who serves as the leader of South Korea’s Financial Supervisory Service (FSS), intends to hold a meeting with Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC). The Financial Supervisory Service operates as South Korea’s comprehensive financial regulator, falling under the overarching authority of the Financial Services Commission (FSC).

The Financial Supervisory Service (FSS) is set to engage in discussions with the SEC and Chair Gary Gensler on various cryptocurrency-related topics, including the spot Bitcoin ETF. Lee Bok-hyun unveiled his business agenda for the year during the FSS meeting, where he outlined plans to explore major advanced financial markets. In the second quarter, he intends to visit the U.S. for talks on initiatives such as the corporate ‘value-up’ program and the spot Bitcoin ETF.

South Korea Eyes Bitcoin ETF: Regulatory Outlook

Moreover, this advancement follows CoinGape’s recent report stating that South Korea’s Financial Services Commission (FSC) steadfastly upholds its prohibition on Crypto ETFs. The FSC officials, as per the report, affirm that the regulatory changes in the United States do not carry any weight in their regulatory framework.

Nevertheless, the Office of the President in South Korea has urged the financial regulator to reassess the potential for a spot Bitcoin ETF in the country, advocating for a more adaptable stance. Consequently, the Financial Supervisory Service (FSS) under the Financial Services Commission (FSC) will engage with the U.S. Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, to discuss the ramifications of a spot Bitcoin ETF and the regulatory environment.

Related Reading |

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply