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Regulatory authorities in South Korea are preparing to launch exchange-traded funds for spot cryptocurrencies this year.

The country’s financial regulatory agency has presented plans to launch exchange-traded funds for cryptocurrencies and stablecoins based on the won by the second half of this year.

In short

The Financial Services Commission has submitted an implementation plan for spot cryptocurrency exchange-traded funds to the presidential committee.

Stablecoins based on the Korean won are also expected to receive regulatory approval by the end of the year.

This move reflects a previous ban issued in 2017, which pointed to concerns about financial stability.