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<a href="https://bitcoinworld.co.in/the-office-of-south-koreas-president-has-warned-financial-regulator-against-approving-spot-bitcoin-etf/" title="The Office Of South Korea’s President Has Warned Financial Regulator Against Approving Spot Bitcoin ETF" rel="noopener noreferrer nofollow"></a>
The office of South Korea’s president has urged the country’s financial regulator to reconsider the possibility of approving a local spot bitcoin exchange-traded fund (ETF).
An official of the presidential office warned South Korea’s top financial regulator against spot bitcoin ETFs, citing potential violation of local capital market laws.
Sung Tae-yoon, the chief of staff for policy of the presidential office, said in a briefing on Thursday that the South Korean government is exploring ways to incorporate foreign affairs into local regulations — which may indicate the country’s openness to launching spot crypto ETFs, local news outlet <a href="https://www.mk.co.kr/news/economy/10924541" rel="noopener noreferrer nofollow">Maeil Business</a> reported Friday.
The presidential office’s comment comes after the Financial Services Commission last week warned local firms that brokering foreign-listed bitcoin spot ETFs might be interpreted as a violation of capital market regulations.&nbsp;
Following the announcement, several major local securities companies suspended trading of existing foreign spot bitcoin ETFs.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/singapore-regulators-reject-bitcoin-etfs-citing-high-risk/" aria-label="“Singapore Regulators Reject Bitcoin ETF’s Citing High Risk” (Edit)" rel="noopener noreferrer nofollow">Singapore Regulators Reject Bitcoin ETF’s Citing High Risk</a>
<h3 id="span-style-font-weight-400-elsewhere-in-asia-span">Elsewhere In Asia</h3>
While South Korea’s government holds a somewhat divided opinion on the possibility of a local spot bitcoin ETF, Singapore and Thailand have said it’s not something they’re considering.&nbsp;
The Monetary Authority of Singapore told <a href="https://www.channelnewsasia.com/business/bitcoin-etfs-not-approved-retail-investors-singapore-us-sec-approval-mas-4053371" rel="noopener noreferrer nofollow">CNA</a> earlier this week that spot bitcoin ETFs are not granted for offering to local retail investors.&nbsp;
Thailand’s Securities and Exchange Commission also said this week that it does not plan to approve local firms to launch such ETFs, as reported by the <a href="https://www.bangkokpost.com/business/general/2725447/regulator-nixes-launch-of-bitcoin-etfs" rel="noopener noreferrer nofollow">Bangkok Post</a>.&nbsp;
Regional experts have said that Hong Kong could be the next hub in Asia to introduce a local spot crypto ETF, with its financial regulators publishing two circulars in December to address the requirements for such ETFs.&nbsp;
Livio Weng, COO of Hong Kong-based crypto exchange HashKey, said last week that 10 fund managers, including some backed by Chinese capital, are looking into launching spot crypto ETFs in the city.
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The post <a href="https://bitcoinworld.co.in/the-office-of-south-koreas-president-has-warned-financial-regulator-against-approving-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">The Office Of South Korea’s President Has Warned Financial Regulator Against Approving Spot Bitcoin ETF</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

The Office Of South Korea’s President Has Warned Financial Regulator Against Approving Spot Bitcoin ETF

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