According to a report by Korean media "HankYung", the Democratic Party of Korea promised to ask financial regulators to re-examine the Bitcoin spot ETF that has been refused approval. According to previous reports, South Korea’s Financial Services Commission (FSC) had previously refused to approve the issuance or trading of a Bitcoin spot ETF on the grounds that “there is no legal basis to indicate that Bitcoin or other cryptocurrencies can be used as the underlying assets of such products.”
However, the opposition Democratic Party achieved a major victory in the April general election, winning more than half of the seats in the National Assembly (175 out of 300 seats) in the Legislative Yuan. "HankYung" quoted a person from the Democratic Party in the report as saying that once South Korea's 22nd When the next Congress takes office in June, the Democrats will ask the FSC to re-examine Bitcoin spot ETFs in order to open such financial products in the country. In addition to this, Democrats are also considering options to amend existing financial regulations in case the Financial Services Commission is unwilling to approve a Bitcoin fund.
Compared with South Korea, Taiwan is currently at a standstill in terms of Bitcoin ETFs, whether it is opening up the purchase of overseas products or approving the issuance of related products. In March this year, Huang Tianmu, chairman of the Financial Supervisory Commission, said when questioned by legislators that entrusted investment in Bitcoin ETFs should not be opened for the time being. The main reason is that Taiwan’s asset positioning of Bitcoin is unclear, and the Securities and Futures Bureau of the Financial Supervisory Commission has required domestic securities firms Do not accept buy orders from re-entrustment for now, and will work out relevant supporting measures. We will decide whether the re-entrustment will cover Bitcoin spot ETFs at the end of April. But so far, there seems to be no progress on this issue.
This article South Korea’s parliamentary majority asks regulators to reconsider Bitcoin spot ETF appeared first on Zombit.
