2024-01-14 02:21:14
▲Photo: Financial Services Commission On the 11th, the Bitcoin spot exchange-traded fund (ETF) was approved in the United States, attracting attention in Korea as well to the possibility of brokering and launching a Bitcoin spot ETF, but the financial authorities reaffirmed their policy of prohibition.
According to the financial authorities on the 14th, the Financial Services Commission decided not to further review the plan for domestic investors to invest in Bitcoin spot ETFs listed overseas or the need to launch a domestic Bitcoin spot ETF.
An official from the Financial Services Commission said, “As a result of continued discussions, the direction has been decided to wait for trends without considering brokerage of the U.S. Bitcoin spot ETF or the launch of the domestic Bitcoin spot ETF at this time.”
On the 11th, the Financial Services Commission issued an authoritative interpretation that domestic securities firms brokering overseas-listed Bitcoin spot ETFs may be in violation of the Capital Markets Act.
At the same time, they announced that the Virtual Asset User Protection Act will be implemented in July of this year and that they will conduct additional reviews as there are overseas cases, including in the United States.
Since the ETF was launched in the U.S., the financial authorities planned to conduct an overall review, including whether it might be sold domestically and whether it was necessary to launch it domestically as well, but their position appears to have been settled that investor protection is more important during related discussions.
In the ‘Emergency Measures Related to Virtual Currencies’ put forward by government ministries led by the Office for Government Policy Coordination in 2017, the government prohibited financial institutions from holding, purchasing, acquiring collateral, and investing in virtual currencies.
The reason was that investment in virtual currencies by institutional financial companies might stimulate speculative sentiment.
Whether financial companies can hold virtual assets is expected to be a key issue in this discussion.
After announcing approval for the listing of 11 Bitcoin spot ETFs in the United States on the 11th, the authorities suddenly announced a policy of disallowing investment in Bitcoin spot ETFs, causing confusion in the industry.
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