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South Korea Must Approve Crypto ETFs ‘Sooner Than Later’ – Korea Exchange Chief

Rubmar Garcia
by Rubmar Garcia
7 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Korea Exchange chairman Jeong Eun-bo recently pushed for the country’s approval of crypto exchange-traded funds (ETFs). Amid the country’s stock market crisis, he urged revamping South Korea’s financial industry to strengthen the market and compete with other nations.

Related Reading: $2 Billion Gone: Trump Meme Coin Leaves Investors Scratching Their Heads

South Korea ‘Needs’ Crypto ETFs Approval

On Sunday, Jeong Eun-bo, chairman of South Korea’s Stock Exchange, called for the approval of crypto ETFs. In an interview with The Korea Economic Daily, Jeong explained the stock market crisis and the need to modernize the country’s financial industry.

According to the report, the Korean stock market has suffered due to a decreasing retail investor base, resulting in a 15% Korea Composite Stock Price Index (KOSPI) drop in the second half of 2024.

Moreover, investors are increasingly complaining about the “unfair trading allegations using non-disclosed information, repeated spin-offs, forgettable capital increases, and the plethora of ‘zombie companies.’”

Jeong highlighted that South Korea is the third-largest digital asset trading country worldwide, noting that the crypto industry is an area where “new value can be created” in the financial sector.

Delaying the approval of the long-awaited crypto-based ETFs could harm the Korean market’s competitiveness against other nations. The Korea Exchange chief pointed out that the investment products have been successfully listed and actively traded in the US, suggesting that South Korean regulators should approve them as soon as possible.

South Korea is the world’s third-largest cryptocurrency trading country. Crypto is an area where new value can be created in the financial industry. The U.S. has listed and actively traded exchange-traded funds. We need to approve crypto ETF trading sooner rather than later.

US Crypto ETFs Influence South Korea’s Regulatory Shift

Jeong stated that the political sphere doesn’t “know the reality” of the market, which has resulted in excessive legislation that has stifled the market’s growth. South Korea’s regulator, the Financial Services Commission (FSC), banned crypto ETFs in 2017, reaffirming its stance when the US Securities and Exchange Commission (SEC) approved the investment products a year ago.

However, the success of the US spot Bitcoin and Ethereum ETFs appears to have influenced the FSC’s ongoing regulatory shift. The Korean watchdog is moving from strict regulations and will review the ban through its newly formed advisory group for digital assets.

The Korea Exchange chairman has repeatedly pushed the South Korean regulators to evaluate and incorporate digital assets into institutional finance to revitalize the local market and prevent falling behind international markets.

In January, Jeong revealed the Stock Exchange’s plan to “explore” the approval of crypto-based ETFs. He explained that the South Korean capital markets faced significant challenges last year, which weakened local companies’ growth potential.

The Korea Exchange chief added that the market risks facing these challenges again in 2025 due to unfavorable domestic and global economic conditions. Similarly, Seo Yoo-seok, Chairman of the Korea Financial Investment Association (Kofia), recently called for the approval of the investment products.

During a conference, the chairman noted the potential of the digital assets market, suggesting that the country must follow the US lead and approve the financial instruments. Seo affirmed that the investment products could enhance market transparency, broaden institutional participation, and solidify Korea as a leader in digital asset adoption.

Related Reading: Retail Investors Rush To Buy Bitcoin As Whales Offload – What This Means For BTC

crypto, Bitcoin, BTC, BTCUSDT

Bitcoin trades at $97,559 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Rubmar Garcia

Rubmar Garcia

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Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

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