The South Korean Financial Research Institute analyzed the impacts of spot crypto exchange-traded funds (ETFs) in its latest report, highlighting potential complexities regarding the country's adoption of these products.
"Allowing such products may lead to side effects such as increased inefficiency in resource allocation, increased risks to crypto assets in the financial market, and weakening of financial stability," the institute said in its report published on Sunday.
The local think tank noted that the negative externalities of the crypto market could hinder large cash flows in the local financial market, which could mean less funding for local industries. KIF also emphasized that this situation could easily affect the local financial market and shake the confidence of investors and regulators in the market.
While the report's authors noted that even at its current stage, such an initiative could be harmful, they acknowledged that crypto ETFs could become good stores of value if the underlying cryptocurrencies evolve into more recognized and reliable asset classes.
Currently, South Korean regulators do not allow the launch or trading of spot ETFs of bitcoin and other cryptocurrencies. However, South Korea's ruling left-wing Democratic Party has presented a plan to allow spot crypto ETFs to be sold in the country as one of its commitments in the last general election.
The US continues its lead in this space by launching the first spot crypto ETFs in January, with a total of 11 spot bitcoin funds reaching a net size of $55.55 billion, exceeding pre-launch expectations. Hong Kong launched spot ETFs for bitcoin and ether in April, while Australia's largest stock exchange, the ASX, listed its first spot bitcoin ETF this week.
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