Sung Tae-yoon, Chief of Staff for Politics in the President of South Korea’s office, revealed the government’s ongoing exploration of incorporating foreign regulatory norms into local rules. This development, following the recent introduction of spot Bitcoin ETFs in the US, suggests that South Korean authorities may be more open to approving similar funds in the country.
Merely a week ago, the Financial Services Commission of South Korea (FSC) lifted the ban on such exchange-traded funds within the nation. Consequently, several prominent Korean brokers have since halted access to foreign Bitcoin spot ETF trading.
While the South Korean presidential administration’s statement allows for contemplation, it is important to note that other Asian jurisdictions have unequivocally banned spot ETFs. Notably, the Monetary Authority of Singapore (MAS) has declared its opposition to the launch of these funds.