Jai Sahu
South Korea’s Financial Supervisory Service (FSS) Director Lee Bok-hyun plans to visit the United States later this year. During the trip, he will meet with SEC Chairman Gary Gensler to discuss matters concerning the cryptocurrency industry and Bitcoin Exchange-Traded Funds (ETFs).
Plans for Talks with the SEC
The announcement of this visit was made during the presentation of the FSS’s 2024 business plan by Lee Bok-hyun. The primary agenda is to engage in dialogue concerning critical topics such as the “Korea discount,” Bitcoin spot ETFs, and enhancing corporate value in collaboration with financial regulators, including the SEC.
Director Lee has already had a prior meeting with SEC Chairman Gensler earlier this year and intends to center the forthcoming discussions on matters pertaining to virtual assets and the potential approval of a Bitcoin spot ETF.
Highlighting the Significance of SEC Policy Decisions
Director Lee Bok-hyun underscored the global impact of the SEC’s policy decisions concerning cryptocurrencies, emphasizing the importance of these discussions with the SEC Chairman. Following the approval of Bitcoin ETFs in the United States, multiple Asian fund providers are now seeking approval from Hong Kong’s regulators to introduce local Bitcoin spot ETFs.
The purpose of this visit is to strengthen collaboration between South Korean and U.S. financial authorities, fostering innovation while ensuring financial stability.
Emphasis on Bitcoin ETF Approval
Director Lee aims to gain insights into the factors that influenced the SEC’s approval of Bitcoin futures ETFs and explore the potential for approving spot Bitcoin ETFs. These discussions could offer valuable guidance to South Korean regulators assessing applications from local fund providers seeking approval for Bitcoin ETFs.