According to a report by South Korean local media "Daily Economic News" (MK), South Korea is getting closer to making a decision on Bitcoin ETFs.
MK reported that the South Korean government is using Japan as a model, as the island nation has historically been skeptical of digital assets, but its attitude may be changing.
The report states that South Korea's financial regulatory agency, the Financial Supervisory Service, has studied the legislative trends regarding digital assets in Japan and shared this information with relevant agencies in South Korea.
Japanese media "Nikkei News" reported on February 10 that the Japanese Financial Services Agency is considering positioning cryptocurrencies as financial products similar to securities and may lift the domestic ban on cryptocurrency ETFs.
Discussions in Japan are expected to continue until the first half of 2025, after which a legislative plan will be drafted and submitted to the Japanese Diet in 2026.
According to reports, Kim So-young, Vice Chairman of the South Korean Financial Services Commission, stated at a press conference following a virtual asset committee meeting: "I have always said that we will carefully review (Bitcoin spot ETFs), and this is true in a broader context. Some countries have not yet launched Bitcoin spot ETFs, such as the UK and Japan."
South Korea continues to advance cryptocurrency regulation amid political turmoil.
In South Korea, over 30% of citizens invest in crypto assets. After former President Yoon Suk-yeol was arrested on January 15 for attempting to impose martial law domestically, South Korea fell into political strife.
Since then, the South Korean government has continued to push forward with its cryptocurrency regulatory efforts. On February 13, the Financial Services Commission announced that from the second half of 2025, charities and universities will be able to sell cryptocurrency donations they receive.
The South Korean government is also continuing to take enforcement actions. On January 16, Upbit, one of South Korea's largest cryptocurrency exchanges, received a notice of suspension for allegedly violating "Know Your Customer" (KYC) regulations. Reports indicate that Upbit has filed a lawsuit against South Korea's financial intelligence agency in an attempt to overturn the related business sanctions.
Related: In 2025, South Korea will allow institutions to sell cryptocurrency donations.
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