CoinGeek report:
As South Korea officially announced the establishment of its own Virtual Asset Committee, it is reported that the country is considering approving a spot Bitcion ETF. In fact, the committee is established by the country’s regulatory authority, the Financial Services Commission (FSC). Furthermore, investment products based on cryptocurrency are under discussion, according to local media reports.
The newly established committee will also discuss the authorization of corporate accounts and reporting. Overall, this decision is crucial for the continued development of the country’s cryptocurrency stance, as the regulatory authority will provide significant guidance for this development.
Source: Coingape
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South Korea’s newly established cryptocurrency committee discusses the approval of Bitcoin ETF
Cryptocurrency-based ETFs have become a major topic for 2024. This investment tool provides a new avenue for exposure to emerging asset classes. Additionally, they offer institutions a clear way to diversify through tokens that have become increasingly prominent in the past eight months.
The United States approved its first batch of cryptocurrency ETFs in January of this year. Just three months later, leading cryptocurrencies surged to an all-time high of $73,000. Now, South Korea is considering a similar spot Bitcoin ETF through the approval of the newly established cryptocurrency committee.
Specifically, the country’s FSC has announced the establishment of the Virtual Asset Committee to oversee all regulatory and compliance standards for the country’s cryptocurrency industry. The committee is currently studying the eventual arrival of Bitcoin ETFs in the near future.
Source: Coingape
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According to the Korean Capital Market Act, cryptocurrency ETFs are prohibited. Furthermore, the legislation also prohibits the creation of corporate cryptocurrency accounts. The main reason for these restrictions is anti-money laundering compliance issues.
However, the new Virtual Asset Committee has been established to address these issues. Additionally, they are studying the approval of corporate account creation. These two aspects may enable South Korea to rapidly develop its cryptocurrency business on a global scale.