South Korea Mulls Spot Bitcoin ETF Approval As BTC Price Nears ATH

Amid a global surge of interest in Bitcoin exchange-traded funds (ETFs), South Korea finds itself at a pivotal crossroads. Recent discussions within the country’s financial authorities hint at the possibility of allowing spot Bitcoin ETFs.

Meanwhile, this development emerges at a time when nations worldwide are grappling with regulatory frameworks to accommodate the booming cryptocurrency market and Bitcoin price nears its all-time high.

South Korea’s Stance On Spot Bitcoin ETF

South Korea, a nation known for its tech-savvy population, is actively contemplating the prospect of permitting Bitcoin Spot ETF. According to a recent report by Reuters, the Financial Supervisory Service governor, Lee Bok-hyun, revealed in a recent radio interview that discussions are underway among authorities regarding the potential legalization of Bitcoin Spot ETFs within the country.

Besides, Lee expressed optimism about virtual assets, although acknowledging varying perspectives within regulatory circles. In other words, before concluding regarding the approval, the financial watchdog will also consider the perspectives of other officials.

However, the ambiguity surrounding the classification of Bitcoin as an underlying asset remains a pivotal concern for South Korean regulators. While January saw South Korea’s financial authorities indicating no intent to regulate Bitcoin ETFs, brokerage sales of spot Bitcoin ETFs raised questions under the Capital Markets Act.

Meanwhile, Lee anticipates public engagement on the matter following the anticipated regulatory control over virtual assets in the latter half of the year. In addition, a previous report from CoinGape Media highlights South Korea’s burgeoning interest in the digital asset sector.

Notably, discussions between South Korean regulators, particularly the Financial Supervisory Service (FSS), and their counterparts in the United States, specifically the Securities and Exchange Commission (SEC), are scheduled for May. These discussions will focus on key topics such as non-fungible tokens (NFTs) and the potential inclusion of Bitcoin Spot ETFs within the realm of virtual assets.

Also Read: BRICS Plan Digital Currencies and Blockchain Based Payment System for De-Dollarization

Global Interest Peaks Amid Bitcoin Rally

The discourse in South Korea coincides with heightened global interest in Bitcoin ETFs, particularly influenced by developments in the United States. The recent approval of U.S. Bitcoin Spot ETFs by the SEC on January 10 triggered substantial inflows, with renewed momentum observed in recent weeks.

Meanwhile, on March 4, the U.S. Spot Bitcoin ETF inflows surged, marking a notable uptick after a brief slowdown in the previous week. Impressively, total Bitcoin ETF inflows for the day reached a remarkable $588 million, with industry giants Fidelity and BlackRock both reporting inflows exceeding $400 million each. However, amid this surge, the Grayscale Bitcoin Trust (GBTC) experienced a notable downturn, recording net outflows totaling $368 million.

This surge in Bitcoin ETF interest underscores the growing Wall Street appetite for cryptocurrencies, evidenced by Bitcoin nearing its all-time high. On the other hand, beyond the U.S. and South Korea, other nations like Taiwan are also considering regulatory frameworks for Bitcoin ETFs.

The Financial Supervisory Commission of Taiwan is poised to assess public demand and regulatory feasibility, with potential implications for Taiwanese investors eyeing overseas Bitcoin ETFs.

Notably, the Bitcoin price was up 3.89% over the last 24 hours and traded at $66,545.27, while its trading volume rocketed 123.65% to $78.26 billion. Over the last 24 hours, it has touched a high of $68,785.95, nearing its all-time high.

Also Read: NFT Bulls Back In Game As Magic Eden Hits $50 Mln Daily Sales

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.