In related news, the South Korean President's office has urged the country's financial regulator to reconsider allowing spot Bitcoin exchange-traded funds (ETFs) to trade domestically. This comes after the local FSC had previously warned South Korean firms against facilitating transactions in foreign spot Bitcoin ETFs due to potential violations of capital market rules. Given the approval for spot Bitcoin ETFs in the U.S., Korean authorities are considering making necessary changes in their legal system.
Key takeaways:
- South Korea's Financial Services Commission (FSC) is considering a proposal that would require crypto executives to obtain regulatory approval before assuming their roles.
- The proposed amendments, which are still pending revision, are expected to come into effect by the end of Q1, 2024.
- The FSC's regulatory move is part of a broader aim to assert increased authority over the financial market and crack down on lax risk management practices.
- The office of the South Korean President has urged the country's financial regulator to reconsider the possibility of permitting spot Bitcoin exchange-traded funds (ETFs) to trade within the country, following the approval for spot Bitcoin ETFs in the U.S.