Bloomberg: South Korea attempts to prevent large amounts of speculative funds from flowing into the U.S. spot Bitcoin ETF

2024-01-12 12:53:14

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ChainCatcher news, according to Bloomberg, South Korea is attempting to prevent a large influx of speculative funds into U.S. spot Bitcoin ETFs. The country's securities regulator, the Financial Services Commission (FSC), stated on Thursday that brokering such ETFs may violate the government's current stance on virtual assets and their capital market laws. This statement caused confusion among investors and led to a significant drop in related stocks during Friday's early trading, with Wizit Co.'s stock price plummeting by as much as 13%.

It is reported that this is the first major regulatory body's cautious response following the U.S. Securities and Exchange Commission (SEC) approving about a dozen ETFs that directly hold Bitcoin earlier this week. The FSC stated that it plans to further review digital asset regulations in light of changes in overseas regulations.

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