South Korea’s Regulator to Discuss Potential Bitcoin ETF with SEC Chief Gary Gensler

South Korea’s Financial Regulator Plans to Consult with the SEC on Spot Bitcoin ETFs

The Financial Supervisory Service (FSS) of South Korea is looking to the United States Securities and Exchange Commission (SEC) for guidance on spot Bitcoin exchange-traded funds (ETFs). This move comes as part of the FSS’s 2024 business plan, which includes visits to major financial markets like New York in the second quarter of the year.

In his presentation at the Financial Supervisory Service in Seoul, FSS chief Lee Bok-Hyun revealed plans to meet with SEC Chair Gary Gensler later in 2024 to discuss digital assets and spot Bitcoin ETFs, among other issues. The SEC’s recent approval of spot Bitcoin ETFs has had a significant impact on global financial policies.

The FSS, which operates under the oversight of the Financial Services Commission, is responsible for examining and supervising financial institutions in South Korea. By consulting with the SEC, the FSS hopes to gain insights into web 3.0 business models and how they may impact the country’s financial markets. This includes discussions on the potential for LG TV to update from webOS 2.0 to 3.0, as well as examples of web 3.0 applications and their potential impact on businesses.

As part of their efforts to stay up-to-date with the latest developments in the financial world, the FSS also plans to update their own webOS from 3.9 to 4.0. This update, along with the consultation with the SEC, will help the FSS stay ahead of the curve and better regulate the rapidly evolving landscape of digital assets and web 3.0.

Lee Announces Plans for Web 3.0 Impact on Crypto Markets

Renowned inventor Tim Berners Lee has revealed his intentions to usher in the era of Web 3.0, a decentralized and more secure version of the internet. This announcement comes just weeks after the SEC’s groundbreaking decision to approve the first spot BTC ETFs in the United States.

In light of this development, the Korean securities regulator has cautioned local firms against brokering spot Bitcoin ETFs from the US, citing concerns about market manipulation. However, they have also stated their plans to review and update their regulations surrounding spot Bitcoin ETF trade approval.

As a leading regulator of cryptocurrency markets in the Asia-Pacific region, South Korea has often followed the US in terms of crypto regulations. This includes implementing bans on credit card use for crypto purchases and outlawing crypto mixing services.