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- 1 South Korea is still against ETF approval; brokering of US spot ETFs might be illegal in the regional market.
- 2 11 spot bitcoin ETF started trading in the US market on January 11, 2024, $4.6 Billion worth of shares traded hands by the EOD.
- 3 In the first week of 2024, the South Korean Financial Service Commission (FSC) made major changes in the rules governing the usage of credit cards.
Following the approval of spot ETFs in the United States, a stir in the entire crypto market was seen since the final statement of the Securities and Exchange Commission (SEC).
Even after the approval in the US market, South Korea still stands against the ETF approvals, the financial regulator of the nation warned that brokering of US spot bitcoin exchange traded funds may be illegal in the regional markets.
In the past few days, South Korea largely criticized the approval; however, analysts believe that the landmark judgment of the SEC will definitely help in shaping the crypto industry globally.
Reportedly, 11 spot bitcoin ETF started trading in the US market on January 11, 2024, $4.6 Billion worth of shares trade hands by the EOD. South Korea largely criticized cryptocurrencies and has laws that effectively prohibit ETFs associated with virtual assets.
Despite massive restrictions in the nation, the traders in South Korea are also known for their trading tactics and other strategies that help them gain huge profits.
South Korean Recent Amendment Over Crypto
The South Korean regulator’s primary concern is the extreme volatility and lack of user protection assurance. The surge in the number of illegal activities such as money laundering, smuggling, and fraud in the crypto industry is another serious concern.
In the first week of 2024, the South Korean Financial Service Commission (FSC) made major changes in the rules governing the usage of credit cards. The commission’s new rule prohibits citizens from buying cryptocurrencies using their credit cards.
The Financial Services Commission (FSC) and the Bank of Korea can now supervise cryptocurrency operators and asset custodians thanks to the new law, which consists of 19 measures about cryptocurrencies.
The amendment shows FSC’s concern over financial crimes associated with crypto purchased for foreign exchanges. Yonhap reported that the proposed bill seeks public feedback until February 13, 2024. Following the process, it will be reviewed, amended, and then implemented.
However, the crypto industry is evolving steadily. Dozens of countries are actively working to form a transparent set of rules for the industry and many small nations topped the crypto adoption list of 2023.
Earlier in 2023, South Korea enacted legislation on virtual assets to bring the crypto market under the surveillance of regulators, the bill is likely to be implemented in July 2024.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
