South Korean Leadership Pushes for BTC ETF Trading
The Democratic Party of Korea wants the Financial Services Commission (FSC) to reconsider its stance on spot Bitcoin (BTC) exchange-traded funds (ETFs), according to a report. The party had promised to allow spot ETFs with virtual assets as part of its campaign. A Democratic Party official said that they plan to make the request to the FSC after the opening of the National Assembly in June. The party currently holds the majority of seats in the legislative body after the April elections.
The FSC had issued a statement in January stating that domestic securities firms could be in violation of the Capital Markets Act by listing foreign spot BTC ETFs. This decision was not well received by the previous presidential administration, which urged the FSC to reconsider. Virtual assets are not currently included in the Capital Markets Act’s definition of an underlying asset, according to the prevailing interpretation.
If the FSC’s response to the party’s request is insufficient, they are considering revising the Capital Markets Act. Amending the act would require a lengthy process and could take months to complete. The party official also stated that discussions will begin in the second half of the year regarding the second stage of the 2020 Virtual Asset Business Rights Act.
Hong Kong recently started trading spot BTC and Ether (ETH) ETFs, inspiring hopes for a similar market in South Korea. Despite the Hong Kong ETFs’ modest performance, there is optimism for the creation of a comparable market in South Korea.
South Korean regulators have been tightening their grip on the crypto market since the passage of the 2020 act. Stricter sentences for crypto-related crimes have been implemented, and new guidelines for cryptocurrency exchanges have been issued.
25 thoughts on “South Korean Leadership Pushes for BTC ETF Trading”
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The government should focus on regulating the crypto market more effectively instead of allowing risky investments like spot Bitcoin ETFs. ⚠️
Why even bother considering spot Bitcoin ETFs? It’s just going to increase the risks in the already volatile crypto market.
The FSC made the right decision by not allowing foreign spot BTC ETFs. The Democratic Party needs to accept that and move on.
Kudos to the previous presidential administration for urging the Financial Services Commission to reconsider their stance on foreign spot BTC ETFs. Unity in pursuing positive changes is always a good thing!
It’s concerning that the party is willing to revise the Capital Markets Act just for the sake of spot Bitcoin ETFs.
South Korea doesn’t need to follow in Hong Kong’s footsteps. We should be cautious about entering the spot BTC and ETH ETF market. ❌
The regulations implemented by the South Korean government show their commitment to ensuring a secure crypto market for everyone. It’s reassuring to see them actively working on this issue. 🛡️
The increased crackdown on crypto-related crimes shows that the government is aware of the risks involved. Spot Bitcoin ETFs would only add fuel to the fire.
The government should focus on promoting stability and security in the financial sector, rather than rushing into risky ventures like spot Bitcoin ETFs.
It’s understandable that South Korean regulators are tightening their grip on the crypto market to prevent fraud and protect investors. Safety is key! ⚖️
It’s important to have a clear definition of virtual assets and their place in the Capital Markets Act. Revising the act could help provide that clarity and avoid potential conflicts 📝.
I appreciate the Democratic Party’s dedication to revising the Capital Markets Act if necessary. It might be a lengthy process, but it’s an important step towards creating a fair market for spot Bitcoin ETFs. 📈
South Korea should learn from the mistakes made by other countries when it comes to virtual assets. We don’t need spot Bitcoin ETFs here.
This article highlights the potential for a positive future in South Korea’s crypto market. It’s great to see the country exploring new possibilities and seeking ways to improve the industry .
This is ridiculous! The Democratic Party of Korea should focus on more important issues rather than pushing for spot Bitcoin ETFs. 🙄
Stricter regulations have been put in place for a reason. The party’s request for spot Bitcoin ETFs is simply irresponsible.
It’s about time for virtual assets like Bitcoin to be considered in the same way as other assets. Thanks to the Democratic Party for fighting for this change!
Wow, this is great news for supporters of spot Bitcoin ETFs! The Democratic Party of Korea is really pushing for change . It’s good to see them following through on their campaign promises . Let’s hope the Financial Services Commission takes their request seriously .
The Hong Kong market’s success with spot BTC and ETH ETFs gives us hope for a similar market here in South Korea 🌟. Let’s embrace the possibilities! 💰
It’s concerning that the party seems more focused on promoting cryptocurrencies rather than addressing the needs of the people.
It’s disappointing that the party is prioritizing virtual assets over more pressing matters. 😡
This is just another example of the Democratic Party prioritizing their own interests over the well-being of the country.
Why bother wasting time and resources on spot Bitcoin ETFs when there are more pressing issues at hand?
Let’s prioritize the safety and stability of the financial sector first, rather than rushing into spot Bitcoin ETFs. 🛡️
The fact that the Democratic Party currently holds the majority of seats in the legislative body gives supporters of spot Bitcoin ETFs some hope 🌈. Let’s see what changes they can bring about! ✨