South Korea’s financial authorities have opted not to pursue exchange-traded funds (ETFs) linked to bitcoin’s spot price, diverging from the recent US decision to approve such ETFs. A senior official announced that the country would observe trends without initiating reviews for either US bitcoin spot ETFs or their local counterparts. The Financial Services Commission of South Korea cautioned that trading in bitcoin-linked ETFs might be deemed illegal. Bank of Korea Governor Rhee Chang-yong reinforced this cautious stance, labeling bitcoin as a high-risk investment asset in response to the US decision. The move indicates South Korea’s conservative approach towards cryptocurrency investment compared to the US landmark authorisation.
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