Legalization of spot bitcoin ETFs to gain steam
Discussions on the launch of spot bitcoin exchange-traded funds (ETFs) are poised to take center stage, propelled by the resounding victory of the main opposition Democratic Party of Korea (DPK) in the April 10 general elections. The main opposition ran on a platform that the issuance, listing and trading of spot bitcoin ETFs would be allowed.Further underpinning the optimism is the Hong Kong Securities and Futures Commission’s approved launch of spot bitcoin and ether, April 15 (local time).The Hong Kong development followed Jan. 10 (local time) approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).Many Korean investors are waiting for Korea’s Financial Services Commission (FSC) to join the global craze to the tune of hundreds of billions of dollars this year.However, the FSC has yet to take steps to revise the Capital Markets Act whereby digital coins do not fall within the definition of “underlying assets,” and therefore are not recognized as valid asset classes.The DPK maintains the major financial issue of the party platf
Apr 21, 2024By Lee Kyung-min