{"id":25547,"date":"2024-01-11T12:08:55","date_gmt":"2024-01-11T12:08:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korea-wont-follow-us-in-allowing-crypto-etfs-official-says\/"},"modified":"2024-01-11T12:08:55","modified_gmt":"2024-01-11T12:08:55","slug":"south-korea-wont-follow-us-in-allowing-crypto-etfs-official-says","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korea-wont-follow-us-in-allowing-crypto-etfs-official-says\/","title":{"rendered":"South Korea won\u2019t follow US in allowing crypto ETFs, official says"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/09\/1631533749749-3683918c-9193-41a8-aea7-8f9a46e6c25d-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/09\/1631533749749-3683918c-9193-41a8-aea7-8f9a46e6c25d-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/09\/1631533749749-3683918c-9193-41a8-aea7-8f9a46e6c25d-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/09\/1631533749749-3683918c-9193-41a8-aea7-8f9a46e6c25d-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">South Korea\u2019s Financial Services Commission (FSC) will not allow crypto ETFs despite SEC\u2019s approval of spot Bitcoin ETFs.<\/li>\n<li dir=\"ltr\">An FSC official says the ban on financial instutitions with regard to cryptocurrencies remains.<\/li>\n<\/ul>\n<p dir=\"ltr\">Despite the eventual approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC), it does not change South Korea\u2019s regulatory approach on these products.<\/p>\n<p dir=\"ltr\">An official of South Korea\u2019s Financial Services Commission (FSC) <a href=\"https:\/\/www.khan.co.kr\/economy\/finance\/article\/202401111541001\" rel=\"noopener noreferrer\" target=\"_blank\">told<\/a> a local news outlet on January 11, a day after the SEC\u2019s spot Bitcoin ETF approval, that financial institutions are banned from investing in cryptocurrencies.<\/p>\n<p dir=\"ltr\">TAccording oto the FSC official, there are no policy changes regarding virtual currencies and that the US move isn\u2019t new. Spot ETFs have been <a href=\"https:\/\/coinjournal.net\/news\/hong-kong-regulators-open-doors-to-spot-crypto-etfs\/\">allowed in Hong Kong<\/a>, Germany, Canada and other jurisdictions. But that does mean South Korea will follow suit.<\/p>\n<p dir=\"ltr\">Also, as it stands, the law does not allow financial institutions to launch ETFs or participate in the buying, selling or trading of crypto in the country. The South Korean government continues to stand firm as it looks to \u201cstabilize the financial market and protect investors,\u201d the official said.\u00a0<\/p>\n<p dir=\"ltr\">Notably, financial institutions have been banned from holding and investing in cryptocurrencies since December 2017.<\/p>\n<h2 dir=\"ltr\">Will SEC allow ETH, XRP ETFs?<\/h2>\n<p dir=\"ltr\">The FSC official\u2019s remarks come as the crypto market shifts focus from the spot Bitcoin ETFs to Ethereum spot ETFs.<\/p>\n<p dir=\"ltr\">Multiple issuers have already applied to list a spot ETF based on the world\u2019s second-largest cryptocurrency by market cap. There is also speculation on what SEC\u2019s approval means for XRP, which was declared not a security by a US court in July 2023.<\/p>\n<p dir=\"ltr\">Market reaction has seen prices of Ethereum spike to above $2,600, buoying altcoins as Bitcoin hovered near $46,000. XRP price has crossed above $0.60, while Ethereum Classic is one of the biggest gainers in the past 24 hours after <a href=\"https:\/\/coinjournal.net\/news\/ethereum-classic-soars-as-momentum-takes-ethereum-above-260\/\">its price jumped more than 35%<\/a> to trade near $30 on Thursday.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/south-korea-wont-follow-us-in-allowing-crypto-etfs-official-says\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) South Korea\u2019s Financial Services Commission (FSC) will not allow crypto ETFs despite SEC\u2019s approval of spot Bitcoin ETFs. An FSC official says the ban on financial instutitions with regard to cryptocurrencies remains. Despite the eventual approval of spot Bitcoin ETFs by the US [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25547"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25547"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25548"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}