Vice Chairman Kim So-young reports on current issues to the President’s Office
Financial Services Commission “It is difficult to directly apply the U.S. case… “We will look closely.”
Kim So-young, Vice Chairman of the Financial Services Commission, is giving a statement at a meeting on ways to improve the competitiveness of public offering funds held at the Seoul Government Complex in Jongno-gu, Seoul on the 3rd. Reporter Seong-ju Seong
As controversy spreads over the financial authorities’ policy of banning trading in bitcoin spot exchange-traded funds (ETFs), the President’s Office also began listening to pending issues.
According to the industry on the 14th, Financial Services Commission Vice Chairman Kim So-young recently visited the President’s Office and reported on pending issues regarding the Bitcoin spot ETF. An official from the Presidential Office explained, “Rather than presenting special opinions or directions, it was an opportunity to listen to explanations about Bitcoin spot ETFs approved overseas.” An official from the Financial Services Commission said, “It has been consistently revealed that the brokerage and issuance of overseas-listed bitcoin spot ETFs by domestic securities companies may violate the existing government’s position and the Capital Markets Act,” adding, “The stability and soundness of the financial market, investor protection, and “As it is directly related, we will look closely at it,” he said.
Previously, when the Bitcoin spot ETF was listed in the United States on the 11th, financial authorities issued a ban on related transactions to domestic securities firms. Accordingly, securities firms stopped supporting not only new products but also Bitcoin spot ETF transactions that were previously being traded in Germany and Canada. Some securities companies, including KB Securities, have taken steps to even suspend futures ETF purchases until further guidance from financial authorities.
However, as voices grow louder inside and outside of the political world, including Seohak Ant and some in the ruling party, that there is a need to consider allowing transactions, attention is being paid to whether the financial authorities’ position will change. It is also a burden that it may go against the Yoon Seok-yeol government’s policy of ‘fostering the financial industry.’ An official from the Financial Services Commission said, “The United States has a different legal system from our country, so it is not easy for us to apply the U.S. case right away.” “We plan to review it further as regulations are being established and there are cases from overseas, including in the United States,” he said.
2024-01-14 12:49:51
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