In a significant move, Lee Bok-hyun, the Director of South Korea’s Financial Supervisory Service (FSS), is preparing for a vital visit to the U.S. later this year. His aim is to meet with SEC Chairman Gary Gensler, focusing on discussions about the cryptocurrency industry and Bitcoin ETFs. The primary objective is to strengthen collaboration between financial authorities in South Korea and the United States.
Read more about this below.
2024 Business Plan Unveiled
Director Lee announced his 2024 business plan on the 5th at the FSS in Seoul. As part of this plan, he intends to visit major financial markets, including New York, in Q2.
The core discussions will revolve around Korea’s discount measures, especially the Bitcoin spot ETF and a corporate value-up program.
Director Lee had a preliminary meeting with SEC Chairman Gensler earlier this year, setting the stage for robust discussions in upcoming sessions. The primary goals are to address virtual asset concerns and seek approval for a Bitcoin spot ETF.
Read More: Bitcoin ETF Monthly Report: Is it Time to Invest?
South Korea Takes the Lead
South Korea is a leading crypto regulator in the Asia-Pacific region, often aligning with U.S. regulatory trends. This includes measures like banning credit card use for crypto and cracking down on crypto mixing services.
In January, as the SEC approved the spot BTC ETF, the South Korean securities regulator warned local firms against brokering spot Bitcoin ETFs from the U.S.
Contrastingly, South Korea’s Office of the President urged the financial regulator to reconsider the possibility of a spot Bitcoin ETF. They suggested adopting a flexible approach to the matter.
FSS and SEC Explore Implications
Consequently, the FSS under the Financial Services Commission (FSC) is set to engage with the SEC and Chair Gary Gensler to discuss the implications of the spot Bitcoin ETF and explore the regulatory landscape surrounding it. This collaborative effort promises to shape the narrative of cryptocurrency integration on a global scale.
South Korea vs. the US: Who do you think will lead the way on Bitcoin ETF regulations?
Source: https://coinpedia.org/news/bitcoin-etfs-coming-to-south-korea-as-the-regulator-plans-to-meet-secs-gary-gensler/