Fierce debate over Bitcoin ETF now also in South Korea

Just a week ago, the South Korean Financial Supervisory Commission (FSC) warned against trading in Bitcoin ETF's from the U.S. But now the President of the Republic of Korea is urging the agency to reconsider its anti-ETF stance following the SEC's approval in the US.

Presidential Office policy chief Sung Tae-yoon said the South Korean government is looking for opportunities to incorporate international changes into domestic regulations. This suggests the country's new openness to Bitcoin ETFs, as reported by the local news agency Maeil Business.

The FSC hinted in a Jan. 12 press release that trading or brokering in foreign-listed bitcoin spot ETFs may violate Capital Market Law. Following the announcement, several major South Korean exchanges halted trading in existing foreign Bitcoin ETFs.

While the South Korean government is open to the possibility of allowing Bitcoin ETFs, Singapore has so far made it clear it is against it. The Monetary Authority of Singapore told CNA recently that such financial products should not be allowed for domestic retail investors.

Experts currently believe that Hong Kong could be the next financial center in Asia to open up and approve the introduction of its own Bitcoin ETFs. Last week, Livio Weng, COO of crypto exchange HashKey, spoke about 10 major fund managers currently considering the introduction of Bitcoin spot ETFs in Hong Kong.

Despite continued skepticism from several national regulators, the SEC decision on Bitcoin ETF could serve as an example. So it is quite possible that the much-criticized head of the SEC, Gary Gensler, has significantly promoted Bitcoin's global accessibility.