- South Korea Bitcoin ETF policy is taking shape.
- The country’s regulator will discuss the matter with its U.S. counterpart.
- The development comes as Bitcoin ETFs are gaining momentum in Asia.
South Korea Bitcoin ETF plan is in focus, with the Head of the Financial Supervisory Service, Lee Bok-hyun, expected to meet with U.S. Securities and Exchange Commission (SEC) Chair Gray Gensler this year to discuss the matter.
The planned meeting comes at a critical time when South Korea is working on a comprehensive two-part crypto regulation framework to be implemented in July 2024. The framework’s key provisions include the legislative guidance for classifying virtual assets.
South Korea Bitcoin ETF Talks with U.S.
According to a local media report on February 5, Director Lee is expected to meet with Gensler in the second quarter to “discuss Korea discount measures such as Bitcoin spot ETF and corporate value-up program.”
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Lee made the revelation while sharing his business plan for 2024 at the Financial Supervisory Service in Yeouido, Seoul, on Monday. Later, in a Q&A session with journalists, Lee acknowledged the planned South Korea Bitcoin ETF meeting with Gensler, emphasizing the areas of focus.
“I met with SEC Chairman Gary Gensler (this year) and there are areas where we will focus on issues such as virtual asset issues and Bitcoin spot ETF.” Lee stated, adding, “This is important.”
Today’s development is a testament to Bitcoin ETFs gaining momentum in Asia post-approval in the U.S.
While South Korea has maintained a keen approach toward regulating these exchange-traded funds before their launch in the country, multiple issuers are currently engaging Hong Kong’s securities watchdog to discuss a strategy for launching Bitcoin ETFs.
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Read why South Korea warned brokers against trading Bitcoin ETFs:
South Korea Warns Brokers Against Bitcoin ETF Trading
Stay updated on Bitcoin ETFs market performance in the U.S.:
BlackRock’s IBIT Dethrones GBTC in Bitcoin ETF Daily Volume
