Bitcoin

<p>Mirae Asset Securities, South Korea’s largest asset management firm, has begun suspending trading for bitcoin ETFs, according to <a href="https://www.newsis.com/view/?id&#61;NISX20240112_0002589975&amp;cID&#61;10403&amp;pID&#61;15000" rel="noopener noreferrer nofollow">industry sources</a> on Friday. This comes after an <a href="https://coinness.com/en/news/2637" rel="noopener noreferrer nofollow">announcement</a> made by the Financial Services Commission (FSC) stating that brokering spot bitcoin ETFs may be considered a violation of the government’s stance on virtual assets and the Financial Investment Services and Capital Markets Act.</p><h2 id="header-0">Taking preemptive measures</h2><p>The asset manager has blocked new purchases of spot bitcoin ETFs listed in Canada and Germany starting yesterday and is considering suspending trading of bitcoin futures ETFs that have been listed in overseas markets since 2021. This includes the Proshares Bitcoin Strategy ETF, Valkyrie Bitcoin Strategy ETF, Invesco Galaxy Bitcoin Strategy ETF and VanEck Bitcoin Strategy ETF.</p><p>As Korean financial authorities are putting the brakes on domestic investments in the recently approved spot bitcoin ETF by the U.S. Securities Exchange Commission (SEC), it is believed that Mirae Asset Securities is putting a preemptive halt to trading in other bitcoin ETFs.</p><h2 id="header-1">Spot vs futures</h2><p>Spot bitcoin ETFs differ from futures ETFs in that they track the price of Bitcoin by actually holding the cryptocurrency, while the latter tracks its price through futures contracts. South Korean securities firms have been brokering futures ETFs listed in overseas market for a while now.</p>

South Korea’s top asset manager halts trading for bitcoin ETFs

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