On October 10th, the Financial Services Commission (FSC) of South Korea announced the formation of a Virtual Assets Committee to consider the approval of exchange-traded funds (ETFs) for crypto assets. This committee will serve as an advisory body providing guidance for the country’s crypto sector. Chaired by FSC Vice Chairman Soyong Kim, the committee will consist of representatives from relevant government agencies and nine members from the private sector.
The main focus of the committee is to address key issues in South Korea’s digital assets sector, including the settlement of corporate accounts. Currently, South Korea’s Capital Markets Law prohibits Bitcoin (BTC) and other crypto ETFs, and corporate digital asset accounts are also banned due to anti-money laundering concerns. However, there seem to be signs that South Korea may soon shift its stance in a more positive direction.
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