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South Korea is considering allowing bitcoin ETFs, says financial regulator chief.

South Korean authorities are considering approving Bitcoin (BTC) ETF-type funds in the country, the head of the country’s financial regulator has revealed. In a recent radio interview, the governor of…

Date: 2024-03-05 Author: Łukasz Michałek
South Korea is considering allowing bitcoin ETFs, says financial regulator chief.

South Korean authorities are considering approving Bitcoin (BTC) ETF-type funds in the country, the head of the country’s financial regulator has revealed. In a recent radio interview, the governor of the Financial Supervisory Service, Lee Bok-hyun, said there are different opinions among the authorities.

Some people are happy with virtual assets, but others are more cautious. Lee stressed that each point of view should be considered and engaged in internal discussions.

ETFs not available in South Korea

South Korean cryptocurrency investors cannot currently use ETFs on Bitcoin. The country’s financial authorities announced in January that they have no plans to regulate the sale of Bitcoin futures ETFs. However, due to uncertainty over Bitcoin ‘s status as an underlying asset, they acknowledged that the sale of Bitcoin ETFs by brokers may violate the Capital Markets Act.

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Lee expressed hope that in the second half of the year, the legislation regulating virtual assets will give the public a chance to express their opinions on the matter. This indicates that South Korea may be open to talks and input from the public when considering allowing the funds in question.

Another turn toward ETFs?

The government’s People’s Power Party in the country has announced that it has indefinitely postponed its plans to ease regulations on cryptocurrencies. This has prompted the latest discussion about the possibility of approving bitcoin ETFs in the country.

Last week it was revealed that the party had abandoned its plan to pledge to ease regulations, removing the virtual asset from its list of political priorities.

Earlier , Yoon Chang-hyun, a representative of the National Assembly’s Political Affairs Committee, said the People’s Power Party intended to announce virtual asset pledges before the April 10 general election.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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