The Office of the President in South Korea has urged the country’s financial regulator to reconsider the approval of a local spot bitcoin exchange-traded fund (ETF). Sung Tae-yoon, the chief of staff for policy of the presidential office, stated that the South Korean government is exploring ways to incorporate foreign affairs into local regulations, which could indicate a willingness to launch spot crypto ETFs. This comes after the Financial Services Commission warned local firms that brokering foreign-listed bitcoin spot ETFs may violate capital market regulations. Meanwhile, Singapore and Thailand have stated they are not considering local spot bitcoin ETFs, while experts suggest that Hong Kong could be the next Asian hub for such ETFs.
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South Korean president’s office urges financial regulator to reconsider spot bitcoin ETF possibility
