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Thursday, February 22, 2024

Hot Bitcoin ETF debate now also in South Korea

The SEC’s Bitcoin ETF approval was initially crucial for the US. But is South Korea now the first example of global impact?

Just a week after South Korea’s financial watchdog, the FSC, threw cold water on trading US-based Bitcoin ETFs, the country’s presidential office is urging a rethink. This comes hot on the heels of the SEC’s green light in the US, and suggests a potential shift in Seoul’s stance.

Presidential Chief of Staff Sung Tae-yoon hinted at exploring ways to adapt to global changes with regards to regulations. This could pave the way for Bitcoin ETFs in South Korea, as reported by local news outlet Maeil Business.

Recall the FSC’s January 12 warning: brokering or trading foreign Bitcoin spot ETFs might breach the Capital Markets Act. This prompted major Korean exchanges to halt trading in existing foreign Bitcoin ETFs.

While South Korea seems cautiously optimistic, Singapore has taken a firm stance against Bitcoin ETFs for retail investors. The Monetary Authority of Singapore recently made their position clear to CNA.

Meanwhile, experts are eyeing Hong Kong as the next Asian financial hub to potentially embrace Bitcoin ETFs. HashKey COO Livio Weng mentioned ten fund managers mulling over launching Bitcoin spot ETFs there last week.

Despite various regulators’ reservations, the SEC’s landmark decision on Bitcoin ETFs could set a precedent. So, it’s possible that once-criticized SEC chief Gary Gensler has inadvertently given Bitcoin global accessibility a major boost.

In summary, South Korea’s potential shift, Singapore’s firm stance, and Hong Kong’s potential entry paint a dynamic picture for Bitcoin ETFs in Asia. With the SEC’s approval still fresh, Gensler might have unwittingly ushered in a new era for Bitcoin’s global reach.

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