Bitcoin On Wall Street, Outcast in Seoul: South Korea Shows Crypto Cold Shoulder Amidst US ETF Boom
Portfolio Pulse from Murtuza Merchant
South Korea's Financial Services Commission maintains a stance against recognizing cryptocurrencies as financial assets and prohibits financial institutions from investing in them. Despite the U.S. SEC approving Bitcoin ETFs, South Korea will not amend its laws to allow virtual asset ETFs, believing its financial stability during crypto downturns is due to such restrictions. SEC Chairman Gary Gensler stated that the SEC's approval is limited to cash exchange-traded products holding Bitcoin.
January 11, 2024 | 5:26 pm
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The article discusses regulatory stances on cryptocurrencies, with South Korea maintaining a strict policy against financial institutions investing in virtual assets, contrasting with the U.S. SEC's approval of Bitcoin ETFs.
The news highlights regulatory differences between South Korea and the U.S. regarding Bitcoin ETFs. While it may affect sentiment, it does not directly impact the price of Bitcoin in the short term, as the SEC's approval of Bitcoin ETFs in the U.S. is already known and South Korea's stance does not represent a change in policy.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50