South Korea's Financial Supervisory Service (FSS), the country's top financial watchdog, plans to ask the US Securities and Exchange Commission (SEC) for information on spot Bitcoin exchange-traded funds (ETFs).
The FSS is South Korea's integrated financial regulator, which inspects and supervises financial institutions under the broad supervision of the Financial Services Commission.
FSS head Lee Bok-hyun presented the business plan for 2024 at the Financial Supervisory Service in Seoul on February 5. The business plan includes visiting major developed financial markets such as New York in the second quarter to discuss various aspects of South Korea's financial markets, including discussions on a spot Bitcoin ETF, according to the report.
The head of the FSS said he plans to meet with SEC head Gary Gensler later this year to discuss various financial issues, with a particular focus on virtual assets and the definition of a Bitcoin ETF. He added that the SEC's recent approval of the creation of a spot Bitcoin ETF has had a major impact on global financial policy.
The FSS chief's announcement came weeks after the SEC approved the first BTC spot ETFs in the US. In a historic decision, the US security regulator on January 10 approved 11 BTC spot ETFs after years of denial. The SEC has previously rejected spot bids for the BTC ETF, citing the small size of the cryptocurrency market, which makes it prone to market manipulation.
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In the second week of January, when the SEC approved the spot BTC ETF, the Korean securities regulator warned local firms against intermediary in US spot Bitcoin ETFs. However, at the same time, it said it plans to review and update its rules. regarding approval of Bitcoin ETF spot trading in the US
South Korea is one of the leading regulators of cryptocurrency markets in the Asia-Pacific region. The country often follows in the footsteps of the United States in terms of cryptocurrency regulation, whether by banning the use of credit cards for cryptocurrency purchases or banning cryptocurrency mixing services.