Gary Gensler: South Korea's Regulator To Confer Spot Bitcoin ETF With US SEC's Gary Gensler

Highlights

South Korea's Financial Supervisory Service (FSS) head discuss spot Bitcoin ETF with SEC Chair Gary Gensler
FSS Governor Lee Bok-hyun plans to visit major advanced financial markets this year
South Korea regulators are reluctant to approve spot Bitcoin ETF as local brokering may be illegal

South Korea’s financial regulator plans to visit the U.S. to meet Securities and Exchange Commission (SEC) Chairman Gary Gensler to discuss key matters including virtual assets and spot Bitcoin ETF. Financial regulators worldwide are now considering spot Bitcoin ETF possibilities after the U.S. SEC approved multiple spot Bitcoin ETFs in January.

South Korea’s FSS Deliberate Over Spot Bitcoin ETF

Lee Bok-hyun, the head of South Korea’s Financial Supervisory Service (FSS) plans to meet U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, reported local media Hankyung on February 5. The Financial Supervisory Service is South Korea’s integrated financial regulator under the broad oversight of the Financial Services Commission (FSC).

The FSS will discuss various crypto matters, including spot Bitcoin ETF, with the SEC and Chair Gary Gensler. Lee Bok-hyun announced his business plan for the year at FSS, visiting major advanced financial markets. He plans to visit the U.S. in the second quarter to discuss measures such as the corporate “value-up” program and spot Bitcoin ETF.

He said that the SEC’s policy about spot Bitcoin ETFs approval will have a big impact on the world. “This is important,” he added. The possibility of spot Bitcoin ETF approval in South Korea has been in discussions for weeks after the approval of spot Bitcoin ETF in the US.

South Korea Reluctant On Spot Bitcoin ETFs

South Korea’s Financial Services Commission (FSC) warned that brokering U.S. spot bitcoin exchange-traded funds (ETFs) may be illegal in local markets. FSC claimed it may violate the existing government stance on virtual assets and the Capital Markets Act.

However, South Korea’s Office of the President asked the financial regulator to reconsider spot Bitcoin ETF possibility in the country by adopting a flexible approach. Thus, the FSS under the FSC will visit the SEC and Chair Gary Gensler to talk about the implications of spot Bitcoin ETF and regulatory landscape.

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