•News reports said on Friday, citing informed officials, that South Korea's Financial Services Commission (FSC) said that approving the launch of cryptocurrency exchange-traded funds is impossible and that nothing will change in this context, despite the US Stock Exchange Commission's approval of... Launch of Bitcoin exchange-traded funds (ETFs).
•Reports indicated that the Financial Services Commission prevents banks and financial institutions from purchasing and owning digital currencies due to its concerns regarding the illegal flow of local funds abroad due to credit card payments on foreign digital currency exchanges.
•Reports continued that an official in the Financial Services Commission confirmed that the ban aims to stabilize financial markets, as the government has consistently maintained the principle of preventing financial institutions from investing in digital currencies and virtual assets with the aim of achieving stability in the financial market and protecting investors, adding that it is impossible from a legal standpoint. Approval to launch a virtual assets ETF in South Korea.
•It is noteworthy that the United States Securities and Exchange Commission had agreed to list the equivalent of 11 Bitcoin spot trading funds on stock exchanges, after disagreements that lasted for many years with the digital currency industry. The approval came despite the regulatory body’s continuous warnings regarding the digital currency industry. The Stock Exchange Commission believes that this market involves strong risks, and requires traders to be cautious and aware of the repercussions of these risks.
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