South Korea’s Financial Supervisory Service (FSS), the country’s chief financial regulator, intends to seek information from the United States Securities and Exchange Commission (SEC) about spot Bitcoin exchange-traded funds (ETFs).
The FSS examines and supervises financial institutions under the Financial Services Commission’s broad jurisdiction.
On February 5, FSS chief Lee Bok-Hyun presented a 2024 business plan to the Financial Supervisory Service in Seoul. The plan involves visiting advanced financial markets, such as New York, in the second quarter of the year to discuss South Korean financial markets, including spot Bitcoin ETFs (BTC) worth $42,980, according to the report.
The FSS chief revealed that he intends to meet with SEC Chair Gary Gensler later in 2024 to discuss digital assets and potential Bitcoin ETFs, among other topics. He added that the SEC’s recent approval of spot Bitcoin ETFs has had a significant impact on global financial policies.
Lee’s announcement comes weeks after the SEC approved the first spot Bitcoin ETFs in the United States. On January 10, the SEC approved 11 spot BTC ETFs, marking a historic decision. The SEC previously denied spot BTC ETF applications, citing the small size of the cryptocurrency market, which makes it vulnerable to market manipulation.
It’s crucial to remember that this meeting represents the initiation of a conversation, not a guarantee of immediate approval. However, it opens a door for constructive dialogue and collaboration between two key regulatory bodies on a critical issue within the crypto sphere.
The outcome of this meeting will be closely monitored by stakeholders worldwide, including investors, financial institutions, and the blockchain community. Stay informed about further developments to understand the potential ramifications for the future of spot Bitcoin ETFs and the broader crypto regulatory landscape.
Remember, investing in cryptocurrencies carries inherent risks, and conducting thorough research is essential before making any investment decisions.
