Global #South Korea

A new regulatory body in South Korea, tentatively named the Virtual Assets Committee, is poised to launch this month, with Bitcoin ETF approval being a key focus.

South Korea, once a bastion of crypto regulation, is showing signs of softening its stance on spot crypto ETFs. The recent formation of a new crypto committee within the Financial Services Commission (FSC) has sparked renewed discussions about lifting the existing ban on these financial products.

The Financial Services Commission (FSC) of South Korea is set to reevaluate its long-standing ban on local spot exchange-traded funds (ETFs) and institutional accounts on cryptocurrency exchanges.

As the cryptocurrency market continues to evolve, certain countries are emerging as prime destinations for crypto businesses in 2024. A recent report by Social Capital Markets identifies Dubai, Switzerland, and South Korea as the top three countries, thanks to their legal clarity, favorable tax regimes, and growing acceptance of cryptocurrency payments.

The South Korean government is set to introduce stringent regulations on dollar-pegged stablecoins, emphasizing the importance of cross-border transactions in the evolving digital asset landscape.

South Korea's Financial Services Commission (FSC) has approved the establishment of the Digital Asset Protection Foundation, a nonprofit organization aimed at safeguarding crypto assets and blockchain belongings.