The Office of the President of the Republic of Korea urged the financial regulator, the Financial Services Commission (FSC), to reevaluate its stance on spot crypto Exchange Traded Funds (ETFs), local media outlet Maekyung reported on Jan. 19.
The President’s office encouraged the financial regulator to adopt a flexible approach to these financial products instead of having a rigid ‘yes’ or ‘no’ position.
Tae-yoon Sung, the head of the presidential policy office, reportedly said the legal system was assessing whether foreign products were suitable for the Asian country or whether foreign ETFs could be made domestically tradeable.
“We are further examining how we can prevent it from becoming a side effect or risk factor for other financial products or the real economy while still having another investment asset element,” Sung added.
The President’s office statement follows a recent warning by the FSC against domestic securities firms brokering foreign ETFs.
On Jan. 12, the regulatory body highlighted potential violations of local laws by domestic firms offering foreign spot Bitcoin ETFs, forcing these firms to suspend their services for foreign-listed ETFs. Maekyung has, however, reported that the President’s Office may be looking to reconsider these decisions.
Asian countries divided on stance towards crypto ETFs
South Korean authorities’ diverging views about these ETFs mirror Asia’s prevailing outlook on such products.
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