BitcoinBTCCryptocurrency EducationETHEthereumIndustry AnalysisNews

SEC Approves 1st Spot ETF; South Korea Still Against Approval

2 Mins read

Crypto moguls and several nations appreciated the decision of the Securities and Exchange Commission (SEC). South Korea still stands on its call to support the rules that restrict the launch of spot ETFs (Exchange Traded Funds).

While talking to a local media outlet, a spokesperson of, Financial Service Commission (FSC) South Korea, said that the acceptance of spot bitcoin ETFs in the United States would encourage the Korean regulator to lift the restriction or reconsider its policies over crypto.

The South Korean regulator’s primary concern is the extreme volatility and lack of user protection assurance. The surge in the number of illegal activities such as money laundering, smuggling, and fraud in the crypto industry is another serious concern.

Recent Amendment of South Korean Financial Regulators

In the first week of 2024, the South Korean Financial Service Commission (FSC) made major changes in the rules governing the usage of credit cards. The commission’s new rule prohibits citizens from buying cryptocurrencies using their credit cards.

The amendment shows FSC’s concern over financial crimes associated with crypto purchased for foreign exchanges. Yonhap reported that the proposed bill seeks public feedback until February 13, 2024. Following the process, it will be reviewed, amended, and then implemented. 

However, the crypto industry is evolving steadily. Dozens of countries are actively working to form a transparent set of rules for the industry and many small nations topped the crypto adoption list of 2023.

The National Assembly of South Korea enacted new laws in March 2020, opening the door for regulating and legalizing the presence of cryptocurrencies and cryptocurrency exchanges.

Importance of US Approval of Spot ETFs

The SEC of the US has been aggressive towards digital assets hitherto. Its decision on spot ETFs approval has stirred the entire market, creating a conversational cloud for Ether spot ETFs.

In the past few hours, the Bitcoin price has picked up pace. At the time of writing, it was trading at $46,595.85, with a 2.03% surge. It is no surprise that Ethereum’s price chart reflected a similar uptick in movement as the ETH spot ETF is now more likely to be approved. ETH surged 8.77% since the approval was made public.

Per some ETF specialists, following the approval of the BTC spot ETF, the chances of an ETH ETF by a company that holds a significant amount of ETH is much higher. 

Beacon Deposit Contract reportedly holds approximately 27-28% of the total circulating supply of Ethereum. notably, some centralized crypto exchanges also hold an appreciable amount of Ether. 

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.