South Korea is keeping a close eye on the SEC’s Bitcoin ETF decision

An employee at South Korea’s leading securities exchange, the Korea Exchange (KRX), has said that they are keeping a watchful eye over US regulator the SEC’s decision over whether to approve a Bitcoin ETF application, according to the Korea Herald.

The topic of a Bitcoin ETF being issued in the US has been heightened since the turn of the year after CBOE pulled its application in January, citing the government shutdown.

It then resubmitted a joint proposal with VanEck and SolidX at the start of February, with the SEC having a maximum of 240 days to make a decision.

South Korea’s neighbour, Japan, is also set to explore the possibility of a Bitcoin ETF, despite abandoning plans for a futures market.

“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market, which is why we are observing the progress and response of the US Securities and Exchange Commission’s decision on Bitcoin ETFs,” an anonymous official at the Korea Exchange told The Korea Herald.

They added: “Providing a solid index required for the launch of such ETFs and of its role when it is commercialised and integrated into the market is being discussed expansively at the KRX because it would eventually concern investor protection issues.”

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