South Korea’s Financial Supervisory Service (FSS) is set to seek insights from the United States Securities and Exchange Commission (SEC) regarding spot Bitcoin exchange-traded funds (ETFs). This initiative aims to enhance the understanding and regulation of financial institutions within the purview of the Financial Services Commission.
Lee Bok-Hyun, the chief of FSS, presented the organization’s business plan for 2024, highlighting a key agenda for the second quarter – visits to major advanced financial markets, including New York. The discussions will revolve around various aspects of South Korean financial markets, with a specific emphasis on spot Bitcoin ETFs.
South Korea Planned Meeting Between FSS Chief and SEC Chair
In a notable development, Lee Bok-Hyun revealed plans to meet SEC Chair Gary Gensler later in 2024. The agenda for this meeting includes in-depth discussions on digital assets and spot Bitcoin ETFs, among other pertinent issues. The FSS chief acknowledged the profound impact of the SEC’s recent approval of spot Bitcoin ETFs on global financial policies.
SEC’s Historic Approval Sets Precedence for Spot BTC ETFs
The FSS chief’s announcement comes in the wake of the SEC’s decision to approve 11 spot BTC ETFs on January 10. This marked a significant shift from the SEC’s earlier denials, citing concerns about the crypto market’s small size and susceptibility to manipulation.
Following the SEC’s approval, the Korean securities regulator cautioned local firms against brokering spot Bitcoin ETFs from the United States. Despite this warning, the regulator expressed intentions to review and update regulations surrounding spot Bitcoin ETF trade approval in the country.