TechFlow reported that on July 22, according to the Korea Economy, Kim Byung-hwan, the first deputy minister of the Ministry of Economy and Finance and the candidate for chairman of the Financial Services Commission (FSC), said that he was unwilling to approve the spot Bitcoin ETF in South Korea, and did not support the issuance of real-name bank accounts for legal persons and institutions. He stressed that financial market stability, investor protection and global trends should be the focus of decision-making, and financial authorities should give priority to protecting users and maintaining market order, and policies will be cautiously promoted. Regarding the legislative progress of the Virtual Asset User Protection Act, South Korea will discuss with relevant departments.