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<ul>
 <li>Young Ju, the chief executive officer of Cryptoquant claimed that the acceptance of the spot Bitcoin ETF in the country will cut down the “Kimchi Premium”</li>
 <li>The Virtual Asset Committee will include referring to main issues of the South Korean virtual asset sector as well as the endorsement of corporate accounts.&nbsp;</li>
 <li>The main supervisor of the committee will be the Vice Chairman of FSC, Soyoung Kim.&nbsp;&nbsp;</li>
</ul>
On October 10,&nbsp; theFinancial Services Commission of South Korea publicized that they are going to make a digital asset community. The community will mainly deal with backing the spot crypto exchange-traded funds (ETFs) within the boundaries.&nbsp; 
The committee will oversee the issues such as extensive failures and counseling for the crypto world and will be established as an advisory board. The supervisors of the committee will be the Vice Chairman of FSC, Soyoung Kim and officers from some government departments as well as nine members from private enterprises.&nbsp;&nbsp;
Some more work of the Virtual Asset Committee will include referring to main issues of the South Korean virtual asset sector as well as the endorsement of corporate accounts.&nbsp;&nbsp;
The South Korean Capital Markets Act prohibits the functioning of some crypto such as Bitcoin and other <a href="https://news.todayq.com/etf-provider-fidelity-notifies-77099-customers-of-data-breach/" target="_blank" rel="noopener noreferrer nofollow">ETFs.</a> The ban is also applicable to the corporate accounts for virtual assets in order to stay safe from anti-money laundering.&nbsp;
A Digital Asset User Protection Foundation has also been set up by FSC, and this sector will be helping the users to get back their assets from the platforms whose operations have come to an end.&nbsp; What did the Chairman of FSC say? 
The Financial Services Commission&nbsp; will also be reconsidering applications for digital assets service providers whose registrations are going to end by the end of this month.&nbsp;
Kim Byung-hwan, a civil servant of the Republic of Korea and the Chairman of FSC mentioned that the agency has its commitments to create a powerful monitoring system which will help in safeguarding the digital assets.&nbsp;
Adding more to this, the Chairman repeated that the committee will also be responsible for conducting inquiries referring to vulnerabilities by the help of a trading monitoring system and will try its level best to control unfair trading means by imposing strict acts.&nbsp;
The commission has its further plans to impose a second phase of rules such as some rules for the business activities of crypto service providers, including it in a continuing effort to improve the legal structure for the crypto industry within the boundaries.&nbsp; Kimchi Premium 
Young Ju, the chief executive officer of Cryptoquant claimed that the acceptance of the spot Bitcoin ETF in the country will cut down the “Kimchi Premium” by giving a space to the market for arbitrage mutual funds as well as arbitragists.&nbsp;
Kimchi Premium refers to the event where the crypto prices in South Korea are higher as compared to the rest of the world. The Kimchi Premium occurs because of the increased demand for crypto in the country.
Chainalysis, a blockchain analysis firm, reports that market conditions along with policy changes are the main factors affecting Kimchi Premium, creating a hyped indicator among traders. The Kimchi premium marked a significant record as Bitcoin registered all-time high in March.&nbsp;

South Korea may accept spot Bitcoin ETFs? Know what’s going on

Todayq News

Other articles published on Oct 11, 2024

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