In a recent development, Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS), has confirmed plans to discuss spot bitcoin exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC), according to a Hankyung report on Monday.

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• Head of South Korea’s Financial Supervisory Service reveals intentions to engage in talks with U.S. SEC Chairman Gary Gensler, focusing on regulatory aspects of spot bitcoin ETFs.
• The anticipated meeting follows December’s announcement, designed to coordinate schedules and enhance cooperation between South Korea’s FSS and the U.S. SEC.
• The recent approval of spot bitcoin ETFs in the U.S. prompts worldwide regulators to reconsider their stance on similar financial instruments, with implications for the future of cryptocurrency regulation.

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South Korean Regulator to Engage U.S. SEC in Talks on Bitcoin ETFs

It comes after a December report outlining Lee’s plan to meet with Commission Chairman Gary Gensler for the first time on regulatory matters in crypto. According to FSS, the January meeting sought also to harmonize schedules and foster cooperation between regulators. Lee highlighted specifics of discussion points, saying ” I discussed with SEC Chair Gary Gensler (this year), there are areas where we will focus on issues like virtual asset concerns and bitcoin spot ETFs”. The goal is to address emerging crypto regulation which requires international cooperation.

The U.S. recently approved spot bitcoin ETFs, a milestone after a decade of attempts by the financial sector. This approval prompts global regulators to reassess their stance on similar financial instruments.

Later on, the unfolding discussions reveal regulators across the world struggling with trail-blazing or following in tow and adopting spot bitcoin ETFs similar to the U.S., as its modeled example. The result may have significant consequences as far as the future of cryptocurrency regulation is concerned. Without holding back, readers are expected to discuss our newsletters as a guide for cryptocurrency activities and trends. You would surely not want to miss the exclusive insights, sign up today!