Bitcoin spot ETFs continue to gain global traction
According to South Korean media, FSS Chairman Lee Bok-hyun explained a visit to developed financial markets as part of his plans for 2024. As part of his plans, Lee wants to meet with SEC Chairman Gensler to consult on important issues such as virtual assets and the spot Bitcoin ETF.
South Korean Regulators Want to Talk to SEC About Bitcoin ETF
The announcement came as a surprise due to the South Korean regulator’s strict stance on spot Bitcoin ETFs. So much so that after the approval of spot Bitcoin ETFs in the United States, the FSS reiterated its negative view of these investment products and issued a warning that it would be against capital markets laws to broker a spot Bitcoin ETF product in the country. Since South Korea does not accept Bitcoin as a financial asset, the BTC grounds that the United States has given the green light to a spot Bitcoin ETF after many years have begun to change the outlook for these investment products. While Hong Kong continues to work on spot crypto ETFs in the Asian continent, data is starting to come in from the Asian region, including China, that Bitcoin purchases have finally begun to accelerate. It seems that there are messages coming from South Korea that the approach to crypto ETFs may be changing. This can be seen as a development that whets the appetite of crypto investors for the global expansion of the ETF market in 2024. Since the expansion of the ETF market will mean more demand for cryptocurrencies, this is interpreted as positive developments such as a significant increase in asset prices and increased resilience to external shocks.#BTC
