Updated March 5th, 2024 at 12:08 IST

South Korean market regulators mull spot Bitcoin ETFs approval

Lee Bok-hyun, governor of the Financial Supervisory Service, revealed that discussions are ongoing internally regarding the matter.

Reported by: Business Desk
South Korea flag | Image:Pixabay
Advertisement

Bitcoin ETFs in South Korea: South Korean authorities are currently deliberating the possibility of permitting the sale of spot Bitcoin exchange-traded funds (ETFs) within the country, according to statements made by the chief of the financial watchdog on Tuesday.

Lee Bok-hyun, governor of the Financial Supervisory Service, revealed that discussions are ongoing internally regarding the matter. While some authorities express positivity towards virtual assets, others remain cautious, and their perspectives are being considered in the dialogue.

Advertisement

The governor's remarks came during a radio interview in response to inquiries about the authorities' stance on spot Bitcoin ETFs, which are presently unavailable to investors in South Korea.

In January, South Korea's financial authorities announced that they did not intend to regulate the sale of Bitcoin futures ETFs. However, they cautioned that brokerage sales of spot Bitcoin ETFs could potentially breach the Capital Markets Act, raising questions about whether Bitcoin qualifies as an underlying asset.

Advertisement

Lee highlighted that the public will likely have the opportunity to voice their opinions on the matter following the regulatory oversight of virtual assets expected to be implemented in the second half of the year.

(With Reuters inputs)

Advertisement

Published March 5th, 2024 at 12:08 IST