South Korea’s Financial Services Commission (FSC) has announced a shift in its regulatory stance towards cryptocurrencies. It will reevaluate the ban on local spot cryptocurrency exchange-traded funds (ETFs) and institutional accounts on crypto exchanges. This decision comes after the approval of spot bitcoin ETFs in the United States earlier this year. Historically, the FSC has maintained a strict stance against digital asset exposure within traditional financial markets. However, the regulator’s recent report for the annual audit reveals a willingness to reconsider its previous decisions. This marks a notable departure from its past opposition to cryptocurrencies. In addition, FSC chair Kim Byung-hwan has announced plans to investigate the monopolistic structure of South Korea’s digital asset exchanges, especially Upbit’s dominance which has raised concerns among regulators and lawmakers.
Source: announced
