As an analyst with a background in financial regulation and experience in the Asian market, I believe that the Democratic Party of Korea’s decision to request a reconsideration of the Financial Services Commission’s (FSC) interpretation of spot Bitcoin (BTC) exchange-traded funds (ETFs) is a significant move. The party’s campaign promise to allow such ETFs was an important issue for many voters, especially in light of the growing popularity and adoption of cryptocurrencies.
As a crypto investor, I’ve kept a close eye on the Democratic Party of Korea’s stance regarding Bitcoin ETFs. Based on recent reports, the party intends to urge the Financial Services Commission (FSC) to reevaluate its position on the legal status of spot Bitcoin exchange-traded funds (ETFs). This was a promise they made during their campaign, and as an investor, I’m excited about the possibility of having access to these investment vehicles.
As a political analyst, I’ve obtained exclusive information from an unidentified Democratic Party committee member that our party intends to make a formal request following the opening of South Korea’s National Assembly in June. The opposition Democratic Party secured a landslide victory in the April elections, now holding 175 out of the legislative body’s total 300 seats.
On January 12, the Financial Services Commission (FSC) of South Korea warned that local securities firms might be breaking the Capital Markets Act by dealing with foreign Bitcoin Exchange-Traded Funds (ETFs), following the US SEC’s approval of spot Bitcoin ETF trading on January 10. The FSC’s stance drew criticism, and during the previous administration, they were encouraged to reconsider their decision, which was made public on January 18.
According to current understanding, virtual assets are excluded from the Capital Markets Act’s description of an underlying asset. An official made this statement to a news outlet.
“If the authority’s response to the authoritative interpretation is insufficient, we are considering revising the Capital Markets Act.”
Changing that law involves a complex series of actions, which could last for several months at most, according to the publication. Furthermore, talks about the next phase of the 2020 Virtual Asset Business Rights Act are set to commence in the second part of the year.
On April 30, Hong Kong initiated the trading of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds. This development has fueled anticipation for a similar market emergence in South Korea, although the Hong Kong ETFs have demonstrated only modest successes thus far.
Starting from the enactment of the 2020 law, South Korean authorities have intensified their control over the cryptocurrency sector. In the year 2024, stricter penalties were imposed for offenses involving cryptocurrencies, and fresh regulations for crypto exchanges were announced.
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2024-05-07 21:14