New South Korean Regulator ‘Could Speed Up Bitcoin ETF Verdict’

Launch of New Regulatory Body

A new South Korean regulatory body is set to launch this month, with a ruling on Bitcoin ETF approval reportedly high on its agenda. The tentatively named Virtual Assets Committee could hold its first meeting as early as this mont. The new body will operate under the umbrella of the country’s top financial regulator, the Financial Services Commission (FSC.

Focus on Bitcoin and Ethereum ETFs

The media outlet News1 reported that the launch of the new body would help discussions on approving Bitcoin and Ethereum spot ETFs gain spee. Industry insiders also stated that the committee is expected to discuss allowing corporate virtual asset investment.

Industry Hopes and Challenges

Several South Korean companies are hopeful of following American and Japanese companies into the Bitcoin, Ethereum, and altcoin investment sector. However, despite industry pressure and lawmakers’ demands, the FSC has repeatedly delayed discussions over Bitcoin ETF approval.

Committee’s First Meeting

The financial authorities plan to finalize the committee’s membership before the end of October and hold a kickoff meeting before the end of this month.The committee’s legal framework was established under the terms of the Virtual Asset User Protection Act, which came into force in July.

Leadership and Future Steps

The FSC has already appointed its Vice Chair, Kim Soyoung, as the new commission’s head. The committee is also set to talk about second-stage crypto legislation, aiming to address the growing interest in digital asset investments.