The chief of South Korea's financial watchdog is planning a visit to the United States to engage in discussions with Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), about crypto regulation. The main focus of the discussions will be on the SEC's recent approval of spot bitcoin exchange-traded funds (ETFs). The FSS governor emphasized the importance of the SEC's policies on the global stage.
South Korea's Financial Supervisory Service Governor's Visit to the U.S.
According to local media reports, the Governor of South Korea's Financial Supervisory Service (FSS), Lee Bok-hyun, announced his intention to visit prominent financial markets in 2024, including the United States.
During these visits, the FSS governor plans to engage in discussions on key regulatory issues, with a specific focus on the cryptocurrency industry and, in particular, spot bitcoin exchange-traded funds (ETFs). In a Q&A session with reporters, he mentioned his upcoming meeting with SEC Chairman Gary Gensler:
"I will meet with SEC Chairman Gary Gensler (this year), and there are areas where we will focus on… such as virtual asset issues and bitcoin spot ETFs."
The FSS governor emphasized the global impact of the SEC's policies and the need for a meeting with Gary Gensler to discuss these matters further.
Approval of Spot Bitcoin ETFs by the SEC
After facing rejections for several years, the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on January 10. The trading of ten of these ETFs, including Grayscale's Bitcoin Trust (GBTC) and Ishares Bitcoin Trust (IBIT) by Blackrock, the world's largest asset manager, commenced the following day.
In contrast, South Korea has not yet approved any spot bitcoin ETFs. Currently, virtual assets are not categorized as financial products in the country. Therefore, the launch of a spot bitcoin ETF would be seen as a violation of the Korean Capital Market Act, which mandates that ETFs track underlying assets such as stocks and bonds.
What are your thoughts on the South Korean regulator's plan to discuss crypto regulation, particularly spot bitcoin ETFs, with SEC Chair Gary Gensler? Share your opinions in the comments section below.
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By: Kevin Helms
Title: South Korea's FSS Governor to Discuss Crypto Regulation with SEC Chair Gary Gensler
Sourced From: news.bitcoin.com/south-korean-regulator-plans-to-discuss-crypto-rules-with-us-sec-chair-gary-gensler/
Published Date: Wed, 07 Feb 2024 03:30:59 +0000