Crypto News – The Financial Services Commission (FSC) of South Korea issued a warning a week ago about trading spot Bitcoin exchange-traded funds (ETFs) with US locations. Now, the Office of the President is pleading with the FSC to reevaluate its position.
Call from South Korea: Will the FSC Review Bitcoin ETFs?
According to a local report from Maekyung, on January 18, the Office of the President of the Republic of Korea, also known as the Yongsan Presidential Office, requested that the FSC forego issuing a “do” or “not” direction for ETFs.
We are trying to make appropriate changes to the legal system of our country or to consider whether what happens abroad can be accepted in our country.
Tae-yoon Sung, head of the presidential policy office
According to Sung, South Korea is evaluating the offering’s other low-risk features in addition to the dangers involved in trading ETF assets.
FSC Made a Press Release 1 Week Ago
The Capital Markets Act, which promotes financial innovation and fair competition in South Korea’s capital markets, may have been “may violated,” according to a brief press release released by the FSC, the country’s main financial regulator, on January 12. The press release concerned domestic securities firms trading or brokering spot Bitcoin ETFs that are listed overseas. The statement did point out that the country’s cryptocurrency regulatory framework is still being developed and that it will be reviewed as events abroad take place.
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