South Korea’s FSS Plans Talks with SEC on Bitcoin ETFs
Lee Bok-Hyun, the head of South Korea’s Financial Supervisory Service (FSS), plans to meet with U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler to discuss spot Bitcoin ETFs.
Presenting the FSS’s business plan for the upcoming year, Lee outlined intentions to visit “advanced financial markets,” including New York, and engage in talks with Gensler on vital topics such as virtual assets and spot Bitcoin ETFs. South Korea has maintained a cautious stance on Bitcoin ETFs, reiterating its regulatory position that restricts financial institutions from launching such products.
Despite the landmark approval of spot Bitcoin ETFs in the U.S., South Korea emphasized adherence to existing rules and warned against potential legal issues in brokering U.S. spot Bitcoin ETFs locally. The SEC’s recent approval marked a significant shift in institutional acceptance, albeit reluctantly, as the regulator had historically cited concerns about market manipulation in rejecting similar applications over the past decade. Gensler acknowledged changing circumstances but clarified that the approval did not signify an endorsement of Bitcoin.
Clever Robot News Desk 6th February 2024
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