New York, Tuesday, November 05, 2024- South Korea’s newly established Virtual Assets Committee is set to initiate a high-stakes discussion on Bitcoin Spot ETF approval when it convenes for the first time on tomorrow (November 6).
Operating under the Financial Services Commission (FSC), the committee will also explore regulations permitting South Korean companies to utilize balance sheets for crypto investments, including Bitcoin (BTC) and Ethereum (ETH).
Key topics on the agenda include stablecoin regulation frameworks, with the government keen on tightening oversight of digital assets amid growing investor interest.
However, in a move signaling caution, the FSC has excluded industry professionals from the committee due to concerns over potential conflicts of interest. Instead, the nine-member panel comprises experts from prominent think tanks and academic institutions, including the Capital Market Research Institute and the Financial Research Institute.
The goal was to form a committee of experts, excluding the industry itself to avoid conflicts, sources said.
Discussions would also address the contentious issue of corporate crypto holdings, which has gained momentum as global firms ramp up digital asset portfolios.
This meeting signals renewed momentum in the South Korean crypto sector, as the country seeks to establish a more structured regulatory landscape.
Deliberations on Bitcoin Spot ETFs have faced delays amid similar approvals in the U.S. and other markets, intensifying pressure on South Korean regulators to act.
