South Korea Will Not Think about Lifting Crypto ETF Ban Regardless of U.S. Approval
South Korea’s high monetary regulator, the Monetary Companies Fee (FSC), has reiterated its stance towards permitting monetary establishments to launch cryptocurrency.
South Korea’s Capital Markets Act at present limits the scope of underlying belongings for funding contract securities, similar to ETFs, to monetary funding devices, currencies, and extraordinary commodities. Cryptocurrencies should not acknowledged as monetary belongings in South Korea, and monetary establishments have been prohibited from investing in crypto since 2017.
The FSC’s choice to keep up the ban on crypto ETFs is according to its cautious strategy to regulating cryptocurrencies. South Korea is at present growing a two-part crypto regulation, with the primary half handed final 12 months and set to enter impact in July 2024. The second a part of the crypto act goals to determine clear guidelines concerning the issuance, itemizing, and delisting of cryptocurrencies.
The FSC’s stance on crypto ETFs is in distinction to the latest development of regulatory approvals for spot Bitcoin ETFs in the US. On January 10, the U.S. Securities and Alternate Fee (SEC) authorised 11 spot Bitcoin ETFs, marking a major milestone for the cryptocurrency business.
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