S. Korea’s regulator with SEC head Gary Gensler to discuss the position of Bitcoin ETF

South Korea's Financial Supervisory Service (FSS) – the country's top financial regulator – is planning to tap the United States' Securities and Exchange Commission (SEC) to seek insight into Bitcoin exchange-traded funds (ETFs).

The FSS investigates and regulates financial institutions under the broader supervision of the Financial Services Commission.

FSS chief Lee Bok-hyun presented the business plan for 2024 at the Financial Supervisory Service in Seoul. South Korean financial markets, including discussions on spot Bitcoin (BTC) ETFs, according to the report.

The FSB chief said he plans to meet with SEC Chairman Gary Gensler in 2024 to discuss digital assets and identify Bitcoin ETFs, among other issues. He added that the SEC's recent approval of spot Bitcoin ETFs has a major impact on global financial policies.

Lee's announcement comes weeks after the SEC approved the first spot BTC ETF in the United States. In a historic decision, the SEC approved 11 spot BTC ETFs on January 10. The SEC has previously rejected BTC ETF applications, citing the small size of the crypto market and its vulnerability to market manipulation.

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After the SEC approved spot BTC ETFs, Korea's securities regulator has warned local firms not to broker Bitcoin ETFs from the United States. However, at the time, it stated that it plans to review and update the regulations surrounding Bitcoin ETF trading licenses in the United States.

South Korea is one of the leading regulators of cryptocurrency markets in the Asia-Pacific region. The country has often followed in the US's footsteps when it comes to crypto regulations, such as banning credit cards for crypto purchases and banning crypto mixing services.

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