South Korea’s Republic of Korea Urges Financial Regulators to Reconsider it’s anti-ETF Stance

South Korean regulators made it very clear that spot Bitcoin ETF is not going to impress them as they still keep strict regulations on local financial institutions from owning and buying cryptocurrencies, as well as investing in businesses offering crypto.

Regulators Stance on Anti-ETF Policy

Now, the scene has changed South Korean top office firm the Republic of Korea also known as the Yongsan Presidential Office has requested financial regulators to rethink their opinion on the anti-ETF stance. 

Tae-yoon Sung the head of the policy office of the presidential office said, “We are trying to make appropriate changes to the legal system of our country, or to consider whether what happens abroad can be accepted in our country.”

Seong Tae-yoon has said that they need to change the country’s legal system appropriately, or things that happen overseas can be accepted in our country.

South Korean regulators are also planning to examine how they can prevent it from becoming a side effect or risk factor for other financial products or the real economy while still having another investment asset element.

The Financial Intelligence Unit (FIU) is also in the process of introducing new rules and regulations for digital asset-mixing services. FIU officials disclosed that the discussion began in Korea when the U.S. introduced sanctions against crypto mixers but any decision related to this will not come into reality soon.