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Korean Financial Regulators Under Pressure
South Korean financial regulators are facing increasing pressure to approve exchange-traded funds (ETFs) for cryptocurrencies. This follows the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). The move has sparked a debate on the role of crypto in the finance sector.
A spokesperson for Xangle, a crypto data provider based in Seoul, criticized Korea’s current regulatory approach as outdated. The spokesperson noted that recent actions in the U.S. are likely to put additional pressure on Korean regulators.
“Under the circumstances, the SEC’s Thursday decision on Ethereum is anticipated to press Seoul’s financial regulators to reconsider its regulations against digital assets.”
The frustration with Seoul’s hesitance extends beyond the crypto sector. Jung Eui-jung, head of the Korean Stockholders’ Alliance, emphasized the importance of following the U.S. example by endorsing Bitcoin and Ethereum ETFs.
“In order to ensure that investors, both in traditional finance and digital assets, do not exit Korea. Who would want to invest their money in a market that lags behind the fast-changing regulatory landscape?”
Jung warned that if Seoul regulators continue to make little progress while the U.S. advances, investors might shift their funds to U.S. markets. He mentioned that it will be a matter of time before the U.S. fully opens the door for other less-traded cryptocurrencies.
For more cryptocurrency news and updates, visit Global Crypto News.
