South Korea's FSC Chair Nominee Urges Caution on Corporate Crypto Transactions and Bitcoin ETFs

South Korea’s FSC Chair Nominee Urges Caution on Corporate Crypto Transactions and Bitcoin ETFs

Updated: 24 July 2024

Disclosure

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Kim Byoung-hwan, nominated to lead South Korea’s Financial Services Commission (FSC), has expressed caution regarding corporate crypto transactions, particularly concerning the establishment of bank accounts for such purposes. He emphasized the importance of prioritizing investor protection in this context, as reported by Yonhap News Agency.

During a parliamentary session, Kim, who was nominated as the FSC chief earlier in July and formerly served as vice finance minister, responded to a lawmaker’s inquiry about the necessity of allowing crypto accounts for corporations in South Korea. He underscored the need to learn from past disruptions in the virtual asset market, suggesting that current policies should focus on safeguarding investors from potential risks associated with corporate crypto transactions.

Additionally, Kim was questioned about the possibility of introducing spot Bitcoin exchange-traded funds (ETFs) in South Korea. He maintained a cautious stance on this issue as well, highlighting the need for financial authorities to thoroughly assess the potential impact of such ETFs on the stability of the financial market.

South Korea’s Regulatory Approach to Crypto

Over recent years, South Korea’s crypto market has been under significant regulatory scrutiny. The government has implemented stringent regulations aimed at combating money laundering and protecting investors. These measures have led to the closure of several crypto exchanges in the country, including Huobi Korea, Cashierest, and Coinbit.

Despite the increasing global interest in crypto ETFs, South Korea has yet to legalize them. Concerns persist that the introduction of these financial products could negatively affect the local economy. The primary issues center on market stability and investor protection.

In late June, the Korea Institute of Finance highlighted the risks posed by spot Bitcoin ETFs to the national economy. The institute pointed out that these products would necessitate issuers to hold and actively trade virtual assets, which are notably more volatile than traditional financial instruments. This volatility could lead to significant financial instability, making it essential for authorities to proceed with caution.

South Korea's nominee for FSC chair, Kim Byoung-hwan, expressed caution about corporate crypto transactions, signaling opposition to spot Bitcoin ETFshttps://t.co/G5jBnypOTW

— crypto.news (@itscrypto_news) July 22, 2024

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