Korean financial regulatory authorities judge that spot Bitcoin ETF brokerage is ‘fearful of illegality’. Trading by Samsung and other companies has also been suspended.

The post Korean financial regulatory authorities determine that spot Bitcoin ​ETF brokerage “may be illegal.” Transaction suspensions by Samsung and others also appeared on BitcoinEthereumNews.com.

A future review is also suggested. On January 12, the Financial Services Commission of Korea (FSC), Korea’s financial regulator, said handling of physical Bitcoin (BTC) ETFs (listed investment trusts) listed overseas may violate the law in this country. issued a statement. According to the FSC’s announcement, there is a possibility that a Korean securities company brokering such spot Bitcoin ETFs may violate the “Emergency Measures Related to Crypto Assets” and the “Capital Markets Act” announced at a meeting of Korean government-related vice ministers. They say there is. However, FSC also suggested that the Act on the Protection of Users of Virtual Assets is scheduled to be implemented in Korea in July of this year, and that there may be cases of handling it in overseas countries such as the United States, so further review may be conducted in the future. Korea’s crypto asset regulations are scheduled to consist of two parts, with the first part being passed last year. Part 2, scheduled to be implemented in July next year, is intended to establish clear rules regarding the issuance, listing, and delisting of crypto assets. It is reported by local media ‘Daily’ that domestic exchanges have suspended exchanges and that securities companies in Korea have suspended new trading of overseas spot Bitcoin ETFs after receiving the FSC announcement. According to reports, the list of companies suspended from business includes Samsung Group’s securities division and Mirae Asset Securities. Both companies have suspended trading of spot Bitcoin ETFs in Canada and Germany, specifically, the listing of Purpose Bitcoin ETF (BTCC), which Mirae Asset Securities is listed on the Canadian stock market. is that it has been discontinued. It was reported in local media on January 11 that the FSC showed its stance in enforcing the rule policy prohibiting trading of crypto asset (virtual currency) ETFs. In July of last year, the FSC announced new rules mandating that companies owning and issuing crypto assets disclose information about the crypto assets they hold in their financial statements as part of the country’s accounting rules after January 2024. there is. Related News Korean Financial Regulatory Authority Penetrates stance on Crypto Asset ETF Ban, Not Affected by US Approval = Report Korean Financial Regulatory Authority mandates proposal to ban crypto asset credit card purchases, US SEC from 2024, spot Bitcoin ​​Korean financial regulators accept notification of unreported crypto asset business operators without breaking their stance that “the majority of crypto assets are investment contracts” despite approving ETFs・Dalian images:iStock/NatanaelGinting Source: https://www.neweconomy.jp/ posts/363910