South Korea Takes Action on Spot Bitcoin ETFs: Latest Report!

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• Lee Bok-hyun stated that he plans to continue discussions with the SEC and that the focus will be on spot Bitcoin exchange-traded funds (ETFs).
• Lee told the press, “I met with SEC Chairman Gary Gensler earlier this year, and there are areas we will focus on, such as virtual asset matters and spot Bitcoin ETFs.”
• Spot Bitcoin ETFs approved in early January currently have over $28.1 billion in assets under management.

South Korea is in talks with the U.S. SEC to venture into spot Bitcoin ETFs: Here are the details!

South Korea Steps into Spot Bitcoin ETFs

Lee Bok-hyun, the head of the Financial Supervisory Service (FSS) in South Korea, stated on Monday, as reported by Hankyung, that he plans to continue discussions with the U.S. Securities and Exchange Commission (SEC), with the focus on spot Bitcoin exchange-traded funds (ETFs).

Lee told the press, “I met with SEC Chairman Gary Gensler earlier this year, and there are areas we will focus on, such as virtual asset matters and spot Bitcoin ETFs.” In December, it was reported that Lee planned to meet with Gensler for the first time to discuss crypto regulations.

The meeting in January was intended to coordinate schedules and “strengthen collaboration between the two organizations,” as stated by the FSS at the time. After a decade-long effort in the financial sector, the U.S. approved spot Bitcoin ETFs for the first time, prompting regulators worldwide to question whether they should do the same.

Growing Market for Spot Bitcoin ETFs in the U.S.

Spot Bitcoin ETFs approved in early January currently have over $28.1 billion in assets under management. On January 11, spot Bitcoin ETFs recorded inflows of over $628 million. Subsequently, net outflows increased due to withdrawals from Grayscale’s spot Bitcoin ETF, but BlackRock and Fidelity Bitcoin ETFs continue to attract significant interest.

On February 2, BlackRock’s spot Bitcoin ETF saw an inflow of $105 million, while Fidelity’s Bitcoin ETF experienced an inflow of $78 million. Grayscale, on the other hand, continued to experience outflows, with a recorded outflow of $144 million.