This year, the Head of South Korea’s Financial Supervisory Service aims to engage in discussions with Gary Gensler regarding a spot Bitcoin ETF.
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- The Bitcoin ETF policy in South Korea is beginning to form, with discussions planned between the country’s regulator and its U.S. counterpart.
- This development coincides with the increasing momentum of Bitcoin ETFs in Asia.
The spotlight is on South Korea’s Bitcoin ETF plan, as Lee Bok-hyun, the Head of the Financial Supervisory Service, is set to meet with U.S. Securities and Exchange Commission (SEC) Chair Gray Gensler this year for discussions. This meeting is particularly crucial as South Korea is currently developing a comprehensive two-part crypto regulation framework slated for implementation in July 2024. Among the framework’s key provisions is legislative guidance for the classification of virtual assets.
Discussions between South Korea and the U.S. regarding Bitcoin ETFs.
Director Lee is anticipated to meet with Gensler in the second quarter to discuss Korea discount measures like Bitcoin spot ETF and corporate value-up programs, as per a local media report on February 5. Lee disclosed this information during the presentation of his 2024 business plan at the Financial Supervisory Service in Yeouido, Seoul, on Monday. Subsequently, during a Q&A session with journalists, Lee confirmed the planned meeting regarding South Korea’s Bitcoin ETF with Gensler, underscoring the specific areas of focus.
“I met with SEC Chairman Gary Gensler (this year) and there are areas where we will focus on issues such as virtual asset issues and Bitcoin spot ETF.” Lee stated, adding, “This is important.”
The latest progress highlights the increasing momentum of Bitcoin ETFs in Asia following their approval in the U.S. While South Korea has been vigilant in regulating these exchange-traded funds before their introduction in the country, numerous issuers are presently consulting Hong Kong’s securities watchdog to formulate a strategy for introducing Bitcoin ETFs.
