South Korean Regulator to Discuss Approval of Bitcoin Spot ETF
Date: 2024-11-04 Author: Gabriel Deangelo Categories: IN WORLD
The Virtual Assets Committee, which reports to the Financial Services Commission (FSC), will meet on November 6 to discuss not only crypto ETFs, but also new rules for stablecoins. However, the participation of representatives from the crypto industry is excluded — the FSC decided not to involve them due to a possible conflict of interest, giving preference to experts from research centers and universities.
The absence of industry representatives has caused discontent in the crypto community, since even major exchanges, such as members of the Digital Asset Association (DAXA), were not included in the committee.
The FSC has previously postponed the debate on crypto ETFs, but now it should finally accelerate. In addition, new rules for stablecoins and the possibility of South Korean companies holding crypto assets on their balance sheets are on the agenda.
Local entrepreneurs believe that companies should be allowed to invest in cryptocurrencies, as is already the case in the US and Japan, so that South Korea does not fall behind in the development of the crypto industry.
