South Korean Presidential Administration Calls for Spot Bitcoin ETFs to Be Allowed
This was stated by the Chief of Staff of the President of South Korea for Politics, Sung Tae-yoon. According to him, the country's government is exploring the possibility and ways of incorporating foreign norms into local regulatory rules. Given the recent launch of spot Bitcoin ETFs in the US, this may indicate that the country's authorities are open to approving such funds.
Just a week ago, the South Korean Financial Services Commission (FSC) recalled the ban on such exchange-traded funds in the country. Against this background, some Korean large brokers have stopped providing access to trading in foreign Bitcoin spot ETFs.
Note that while the statement by the presidential administration of the Republic of Korea gives some scope for speculation, other Asian jurisdictions have announced a clear ban on spot ETFs. For example, the Monetary Authority of Singapore (MAS) opposed the launch of such funds.
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