Korean authorities under pressure amid US, Hong Kong crypto ETF moves

Korean
regulators
seem
to
be
under
pressure
as
U.S.,
Hong
Kong
regulators
approved
Bitcoin,
Ethereum
ETFs,
sparking
debate
on
crypto’s
role
in
finance.

South
Korean
financial
regulators
are
under
mounting
pressure
to
approve
exchange-traded
funds
(ETFs)
for
cryptocurrencies,
following
the
U.S.
Securities
and
Exchange
Commission’s
(SEC)
recent
approval
of
spot
Ethereum
ETFs,
the
Korea
Times

reports,
citing
local
representatives
of
both
crypto
and
traditional
finance
markets.

A
spokesperson
for
Xangle,
a
Seoul-based
crypto
data
provider,
criticized
Korea’s
current
approach
as
“outdated”
and
suggested
that

recent
actions
in
the
U.S.
would
likely
put
more
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.”

Spokesperson
for
Xangle

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
Eui-jung

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,
saying
it
will
be
a
“matter
of
time
for
the
U.S.
to
fully
open
the
door
for
other
less-traded
cryptocurrencies.”