South Korea’s FSS chief to seek insights from Gary Gensler on Bitcoin ETF

by jaclynknutson1

Updated February 5th, 2024 at 16:06 IST

Lee Bok-Hyun plans to meet with SEC Chair Gary Gensler later in 2024 to delve into topics related to digital assets and spot Bitcoin ETFs, among other issues.

Gary Gensler

Gary Gensler

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X/Twitter

South Korea’s Financial Supervisory Service (FSS), the primary financial regulator in the country, is considering seeking insights from the United States Securities and Exchange Commission (SEC) regarding spot Bitcoin exchange-traded funds (ETFs).

FSS Chief Lee Bok-Hyun unveiled the agency’s 2024 business plan on Feb. 5 at the Financial Supervisory Service in Seoul. As part of the plan, the FSS intends to engage with major advanced financial markets, including New York, in the second quarter of the year. The discussions will encompass various aspects of South Korean financial markets, with a particular focus on spot Bitcoin ETFs, as reported.

Lee Bok-Hyun plans to meet with SEC Chair Gary Gensler later in 2024 to delve into topics related to digital assets and spot Bitcoin ETFs, among other issues. He highlighted the significant influence of the SEC’s recent approval of spot Bitcoin ETFs on global financial policies.

The announcement follows the SEC’s groundbreaking decision to approve 11 spot BTC ETFs on Jan. 10, marking a shift from previous denials citing concerns about market manipulation due to the crypto market’s relatively small size.

After the SEC’s approval, the Korean securities regulator cautioned local firms against facilitating spot Bitcoin ETFs from the United States. However, concurrently, it expressed intentions to review and update regulations concerning the approval of spot Bitcoin ETF trades from the US.

As a key player in cryptocurrency market regulation in the Asia-Pacific region, South Korea has often aligned its policies with those of the US This includes measures such as prohibiting the use of credit cards for crypto purchases and outlawing crypto mixing services.

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