South Korean presidential office hints at local Bitcoin ETF amid regional uncertainty
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The Presidential Office of the Republic of Korea has called on financial regulator Financial Services Commission (FSC) to re-evaluate its stance on spot crypto Exchange Traded Funds (ETFs), local media outlet Maekyung reported on Jan. 19.
The president’s office has encouraged the financial regulator to take a flexible approach to these financial products rather than a strict ‘yes’ or ‘no’ position.
Tae-yoon Sung, head of the presidential policy office, reportedly said that the legal system is evaluating whether foreign products are suitable for the Asian country or whether foreign ETFs can be made domestically tradable.
On January 12, the regulator highlighted the potential for domestic firms offering foreign spot Bitcoin ETFs to violate local laws and forced these firms to suspend their services for foreign exchange-traded ETFs. However, Maekyung stated that the President’s Office may want to reconsider these decisions.
Asian countries divided on attitude towards crypto ETFs
South Korean officials’ differing views on these ETFs reflect Asia’s dominant view of such products.
The Monetary Authority of Singapore (MAS) emphasizes that spot Bitcoin ETFs are not approved as crypto trading is inherently volatile, speculative and unstable, especially for retail investors.
Similarly, Thailand’s Securities and Exchange Commission has suggested that it has no immediate plans to approve ETFs because these products have only just emerged in foreign markets. Therefore, it is too early to judge whether they have optimal economic value for Thai investors.
Recent reports indicate the possibility of a spot ETF being launched in the city before the end of the first quarter. Hong Kong’s Venture Smart Financial Holdings Limited is reportedly preparing to submit the application for this ETF.
South Korean presidential office hints at domestic spot Bitcoin ETF amid regional uncertainty appeared first on CryptoSlate.
#South #Korean #presidential #office #hints #local #Bitcoin #ETF #regional #uncertainty
bitcoin
-.jpg” />
The Presidential Office of the Republic of Korea has called on financial regulator Financial Services Commission (FSC) to re-evaluate its stance on spot crypto Exchange Traded Funds (ETFs), local media outlet Maekyung reported on Jan. 19.
The president’s office has encouraged the financial regulator to take a flexible approach to these financial products rather than a strict ‘yes’ or ‘no’ position.
Tae-yoon Sung, head of the presidential policy office, reportedly said that the legal system is evaluating whether foreign products are suitable for the Asian country or whether foreign ETFs can be made domestically tradable.
The president’s office’s statement follows the FSC’s recent warning against domestic securities companies brokering foreign ETFs.
On January 12, the regulator highlighted the potential for domestic firms offering foreign spot Bitcoin ETFs to violate local laws and forced these firms to suspend their services for foreign exchange-traded ETFs. However, Maekyung stated that the President’s Office may want to reconsider these decisions.
Asian countries divided on attitude towards crypto ETFs
South Korean officials’ differing views on these ETFs reflect Asia’s dominant view of such products.
The Monetary Authority of Singapore (MAS) emphasizes that spot Bitcoin ETFs are not approved as crypto trading is inherently volatile, speculative and unstable, especially for retail investors.
Similarly, Thailand’s Securities and Exchange Commission has suggested that it has no immediate plans to approve ETFs because these products have only just emerged in foreign markets. Therefore, it is too early to judge whether they have optimal economic value for Thai investors.
However, financial regulators in Hong Kong have signaled that they are open to considering spot Bitcoin ETF applications.
Recent reports indicate the possibility of a spot ETF being launched in the city before the end of the first quarter. Hong Kong’s Venture Smart Financial Holdings Limited is reportedly preparing to submit the application for this ETF.
South Korean presidential office hints at domestic spot Bitcoin ETF amid regional uncertainty appeared first on CryptoSlate.
#South #Korean #presidential #office #hints #local #Bitcoin #ETF #regional #uncertainty