South Korea’s finance regulator to tap SEC for bitcoin ETF tips

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—by Protos Staff

The head of South Korea’s Financial Supervisory Service (FSS) will meet with US Securities and Exchange Commission (SEC) chief Gary Gensler this year to discuss cryptocurrency and bitcoin spot ETFs.

According to a business plan presented by FSS director Lee Bok-hyun on Monday, trips to major finance markets in the second quarter of 2024 will provide insights into how South Korea can continue to regulate digital assets.

Director Lee told local reporters that the SEC’s recent approval of spot bitcoin ETFs have impacted world policy, and is therefore top of mind for the FSS.

South Korea has grappled with cryptocurrency-related corruption in recent years. Its government has introduced new laws that seek to bring heightened transparency to officials’ crypto holdings, and is even toying with a plan that would seize North Korea’s cryptocurrency amid heightened cyberattacks.

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News of the FSS’ planned trip to the SEC coincided with the country’s Financial Services Commission (FSC) announcing stricter rules for crypto exchanges. Under the proposed legislation amendment, these firms must report leadership changes and have them approved before new tasks can be carried out.

“If there is a change in the representative or executive of a virtual asset service provider, the provider is obliged to take measures to perform duties only after the change report has been accepted,” the notice read.

Further, the FSC wants crypto exchanges to disclose any violations or “inadequate performance” by executives.

The FSC’s proposed amendments are currently open for public comment.

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