The South Korean President’s Office has called on the financial regulator to reassess its decision regarding the approval of a domestic Bitcoin exchange-traded fund (ETF).
The chief of the presidential policy office, Sung Tae-yoon, stated in a briefing that the government is actively looking into incorporating international considerations into local regulations.
This suggests the country’s willingness to consider the introduction of spot crypto ETFs. The statement follows a recent warning from the Financial Services Commission, cautioning local firms that facilitating foreign-listed Bitcoin spot ETFs could be seen as a violation of capital market regulations.
Consequently, several major local securities companies suspended trading of existing foreign spot Bitcoin ETFs. The FSC said at the time that such services “may violate” the country’s current policy on virtual assets under the Capital Markets Act.
South Korea’s government is currently divided on the idea of a domestic Bitcoin ETF, whereas Singapore and Thailand have made it clear that they are not contemplating the possibility.
Also Read: South Korea Holds Firm On Cryptocurrency exchange-traded funds Restrictions
