Bitcoin spot ETF trading clearance in the US is subject to assessment and possible updating of rules by the South Korean Financial Services Commission.
The Financial Services Commission (FSC), South Korea’s main financial regulator, has advised businesses not to work with spot Bitcoin ETFs that are based in the United States.
Domestic securities companies brokering overseas-listed spot Bitcoin ETFs “may violate” the present government policy on virtual assets and the Capital Markets Act, according to a short press statement published by the FSC on January 12.
The country’s crypto regulatory framework is still in its early stages, however, as the statement points out. So, the Commission intends to look at the rules governing the changes abroad, particularly in the United States.
The US Securities and Exchange Commission (SEC) finally gave the green light to trade spot Bitcoin ETFs on January 10, and trading began the next day, on January 11.
The overall volume across 10 spot Bitcoin ETFs hit over $4.5 billion for day one trading, according to data gathered by Cointelegraph. According to Cane Macro investment manager Timothy Peterson, 47,000 bitcoins, or $2.1 billion at today’s prices, would have to be bought on the spot market to accommodate the purchasing activity across the ETFs.
The Ethereum spot ETFs will follow. To show the point, in November 2023, BlackRock requested to launch a spot in the Ethereum ETF. Many crypto advocates think the success of Bitcoin spot ETFs speaks well for an Ether ETF, and the SEC has until May 23, 2024, to make a judgment.
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