South Korean regulator seeks Gary Gensler's advice on Bitcoin ETFs
South Korean regulator seeks Gary Gensler's advice on Bitcoin ETFs
South Korea's Financial Supervisory Service (FSS) has asked the US Securities and Exchange Commission (SEC) for advice on key issues related to digital currencies and spot Bitcoin exchange-traded funds. FSS chief Lee Bok-hyun intends to meet with SEC chief Gary Gensler and seek his opinion on these issues.
The FSS made the request amid the increased attention the financial markets are currently paying to Bitcoin ETFs, as many global regulators are considering the prospects of launching a new product following the approval of 11 spot ETFs in the US in January, CoinGape reported.
The FSS is an integrated body under the Financial Services Commission (FSC). The head of South Korea's Financial Supervisory Service (FSS) is scheduled to meet with Gary Gensler as early as Monday, February 5.
Representatives from both regulatory bodies will be able to discuss various controversial issues in the field of cryptocurrency expansion, its regulation, and the proliferation of spot Bitcoin ETFs as a new crypto product.
Lee Bok-hyun previously served as chief prosecutor and investigated financial crimes before being appointed as the head of the Financial Supervisory Service in June 2022. His plans for 2024 include visiting various countries to analyze major developed financial markets and learn from their experiences. He has reported his intention to visit the US in the second quarter, where he plans to mainly discuss the Bitcoin ETF offering and the corporate value program.
Lee Bok-hyun believes that the launch of the Bitcoin ETF is extremely important, as it will have a great impact on the world. "It's important," he said, and he plans to study the SEC's policy of approving spot Bitcoin ETFs. South Korea is also evaluating the prospects of launching a Bitcoin ETF, having discussed the issue in internal meetings for several weeks.
However, South Korea's Financial Services Commission (FSC) is cautious about the new product and has warned that brokering US spot Bitcoin ETFs could be a violation of the country's laws. The FSC said it is ready to lobby for a change in the government financial regulator's stance on cryptocurrencies and the Capital Markets Act.
However, South Korea's presidential office has asked the financial regulator to reconsider the approval of Bitcoin ETFs in the country by adopting a flexible approach.
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