🚨South Korea Restricts Bitcoin ETF Brokerage in Local Markets: Report🚫

🌐 In response to the historic approval of the Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), South Korea delivers a resolute message: no domestic brokerage of US-listed Bitcoin ETFs will be allowed in local markets. 🛑

💼 Here's the latest update on South Korea's crypto regulatory stance:

1. 🚫 Ban on Brokering US Spot ETFs: Official Warning from South Korea

South Korea's Financial Services Commission (FSC) issued an official statement on January 12, affirming that any domestic brokerage of US-listed Bitcoin ETFs would breach the country's existing rules on virtual assets. The FSC emphasized, "For domestic securities firms, any brokering of overseas-listed Bitcoin spot Exchange Traded Funds may violate the existing government stance on virtual assets and the Capital Markets Act."

2. 🌍 South Korea Maintains Crypto ETF Ban Despite SEC Approval

Despite the groundbreaking decision by the US SEC to approve the Spot Bitcoin ETF launch, South Korea stands unwavering in its commitment to restricting ETFs and maintaining a cautious approach to crypto assets. The country remains concerned about potential risks and threats associated with digital assets, reinforcing its ban on crypto investments since 2017.

3. 🛡️ Two-Part Crypto Regulation Underway in South Korea

Aligned with its careful regulatory approach, South Korea is actively working on a two-part crypto regulation. The first part, issued last year, focuses on specific aspects of crypto regulation, while the upcoming second part aims to establish comprehensive rules governing the issuance, listing, and delisting of virtual assets.

👉 South Korea's Crypto Regulatory Landscape: A Balance between Caution and Progress

🌐 Stay Informed, Stay Compliant! Follow The Blockopedia for Crypto Regulatory Updates!

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