South Korean Financial Authority Director Plans Talks on Spot Bitcoin ETFs with US SEC Chair

South Korea US SEC USA

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Author Profile

Share

Copied

Last updated:

February 5, 2024 00:01 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Head of the Financial Supervisory Service, Lee Bok-hyun, is set to visit the United States later this year, intending to engage in discussions with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.

The agenda of the meeting is expected to encompass various aspects of the crypto industry, with a specific focus on the Bitcoin spot ETF.

During the announcement of his business plan for 2024 at the Financial Supervisory Service in Seoul’s Yeouido district on the 5th, Director Lee revealed his intention to visit major advanced financial markets, including New York, USA, in the second quarter. The purpose of these visits is to deliberate on measures such as the Korea discount, Bitcoin spot ETF, and corporate value-up program, local media reported.

In a subsequent Q&A session with reporters, Director Lee acknowledged the planned meeting with SEC Chairman Gensler, emphasizing the areas of concentration. He remarked, “I met with SEC Chairman Gary Gensler (this year), and there are areas where we will focus on issues such as virtual asset concerns and Bitcoin spot ETF.” Director Lee highlighted the global significance of SEC policy decisions, stating, “Now, the impact of SEC policy on the world. This is important.”

Bitcoin ETFs Gain Momentum in Asia Post US Approval

After the first Bitcoin spot price exchange-traded funds received historic approval in the United States, Asian industry leaders, particularly in Hong Kong, are actively exploring similar crypto products.

As reported earlier, over a dozen fund providers are currently in discussions with Hong Kong’s Securities and Futures Commission (SFC) to formulate a strategy for launching a local Bitcoin spot ETF.