While the SEC's approval of spot Bitcoin ETFs is seen as a turning point for BTC and cryptocurrencies, some countries continue to ban ETFs.
One of these countries, South Korea, restricts local institutions from launching cryptocurrency-related products and prohibits companies from brokering spot bitcoin ETFs based overseas.
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While South Korea has adopted a restrictive attitude regarding spot ETFs, both the ruling and opposition political party presidential candidates recently promised spot Bitcoin ETF approval if they are elected. According to the news of South Korean local news agency Edaily, the head of the South Korean Financial Services Commission, SEC He will meet with President Gary Gensler.
Although the exact date of this meeting is not clear, it is stated that the meeting will be held in May.
Accordingly, the approval of NFTs and spot Bitcoin ETFs will be discussed during the meeting between the SEC Chairman and chairman Lee Bok-hyun.
The news reported that Lee Bok-hyun, head of the South Korean Financial Services Commission, plans to discuss with Gensler whether NFTs should be legally classified as virtual assets due to the increase in speculative behavior surrounding NFTs, other than the issue of BTC and spot ETF approvals.
As it is known, South Korea does not currently classify NFTs as “virtual assets”.
*This is not investment advice.