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The Korea Exchange (KRX), a leader of the only South Korean stock exchange, said the stock market was closely following the US regulators' evolution regarding Bitcoin Exchange Traded Funds (BTC). . The official, who reportedly spoke under cover of anonymity, was quoted on February 20 by the local English-language daily The Korea Herald.
ETFs are securities that follow a basket of badets proportionately represented in the shares of the fund. Some see it as a potential development that would signal the widespread adoption of crypto as a pbadive and regulated investment instrument.
The United States Securities and Exchange Commission (SEC) has so far rejected or postponed its decision on a broad range of proposed cryptography ETFs. While the SEC's review of a proposal was about to end in April, the KRX official reportedly noted:
"The United States has been a pioneer in the cryptocurrency and related derivatives market, and strong voices support the launch of Bitcoin ETFs on the market – which is why we are watching the progress and reaction of United States. [SEC]The decision on Bitcoin ETFs. "
The official added that KRX was discussing at length the provision of a strong Bitcoin index, which would be "necessary for the launch of such ETFs. […] when […] marketed and integrated into the market […] because that would eventually concern investor protection issues. "
As noted by the Korea Herald, the burgeoning space in South Korea has already seen the launch of blockchain ETFs by investment banks and local badet management companies – products that are facilitated by the the relatively lower level of oversight enjoyed by the Financial Monitoring Service.
Lee Kyung-ho, a professor at Korea University's Graduate School of Information Security, was quoted as saying that the health of the local blockchain sector would pave the way for the integration of the cryptocurrency ETF, pointing out that:
"With the government's growing investment in research and development of blockchain technology, projects should minimize or eliminate the risk of integrating ETF transactions into the cryptocurrency market."
Lee further pointed out that future transactions on Bitcoin ETFs rely on the strong compliance of Know Your Customer and Anti-Money Laundering, which the Korean is already demanding more and more for national encrypted exchanges.
In a recent interview with Cointelegraph, a CNBC commentator, crypto badyst and known investor, Brian Kelly, said that he did not think the Bitcoin ETF would be a kid's game this year.
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