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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jan 19, 2024 07:36 UTC
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Bitcoin ETFs Coming to South Korea? Republic Officials Push for Reconsideration
South Korean regulators may be warming up to the idea of Bitcoin ETFs, potentially changing their strict crypto regulations.
The shift is partly driven by the desire to adapt to global trends and international happenings in the crypto world.
Authorities are cautious about potential risks and want to ensure any regulatory changes won't disrupt the financial system.
In a recent development, South Korean regulators are considering a shift in their stance on spot Bitcoin ETFs, challenging the existing strict regulations that restrict local financial institutions from engaging with cryptocurrencies.
Reviewing the Anti-ETF Policy
Breaking from their usual stance, the Yongsan Presidential Office in the Republic of Korea has asked regulators to rethink their position on Bitcoin ETFs. Tae-yoon Sung, the head of the policy office at the presidential headquarters, stressed the need to adapt the nation’s legal framework.
“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, echoing Sung’s views, emphasized the importance of aligning the country’s legal system with global trends. This adjustment aims to create an environment where international happenings in the crypto world can smoothly fit into South Korea’s regulations.
Read More: South Korea Considers Crypto Ban Despite US Bitcoin ETF Boost
Regulation without Disruption – It’s Possible!
As authorities consider this shift, they are careful about avoiding negative impacts or risks tied to Bitcoin ETFs affecting other financial products or the real economy. They want to include Bitcoin ETFs as an extra investment option without risking the stability of the overall financial system.
The Financial Intelligence Unit (FIU) is leading the way in regulatory changes, planning new rules for digital asset-mixing services. Talks began in Korea when the U.S. imposed sanctions on crypto mixers. Although decisions on this are not happening soon, FIU officials are working on a framework to handle potential challenges linked to digital asset-mixing services.
Did You Know? US & South Korea Join Hands for Crypto Regulation: New Rules from 2024?
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