Korean regulators appear to be under increasing pressure after U.S. regulators and Hong Kong regulators approved Bitcoin ETFs.
South Korean financial The pressure on regulators to approve Exchange-Traded Funds (ETFsAfter the U.S. Securities and Exchange Commission’s (SECKorea Times reports on recent approvals of Ethereum ETFs. reportsThe article cites local representatives on both traditional and crypto finance markets.
A spokesperson of Xangle, a Seoul based provider of crypto data, criticized Korea’s approach. “outdated” It is suggested that recent actions The U.S. regulators would probably be under more pressure to regulate Korea.
“Under the circumstances, the SEC’s Thursday decision on Ethereum is anticipated to press Seoul’s financial regulators to reconsider its regulations against digital assets.”
Spokesperson of Xangle
Seoul’s hesitation to embrace crypto extends far beyond that sector. Jung Eui Jung, the head of the Korean Stockholders’ Alliance emphasized that it was important to follow the U.S. model by endorsing Bitcoin ETFs and Ethereum ETFs.
“In order to ensure that investors, both in traditional finance and digital assets, do not exit Korea. Who would want to invest their money in a market that lags behind the fast-changing regulatory landscape?”
Jung Eui-jung
Jung said that investors may shift funds from Korean markets to U.S. ones if Seoul regulators do not make progress, while U.S. authorities are making rapid advances. “matter of time for the U.S. to fully open the door for other less-traded cryptocurrencies.”
“This article is not financial advice.”
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Source: crypto.news