Bitcoin Price Eyes $70k Rebound as Korean Investors Seek Crypto ETFs Approval

The U.S. SEC approved the creation of Ethereum ETFs, the second-largest cryptocurrency, on May 24, 2024, after previously giving the go-ahead for Bitcoin ETFs in January 2024.

Meanwhile, South Korea’s Financial Services Commission (FSC) and Financial Supervisory Service (FSS) remain hesitant about allowing crypto asset trading in traditional securities markets.

However, a prominent digital currency data provider in Seoul has criticized the ban on digital assets in traditional securities markets, labeling it as ‘outdated’ and calling for revisions to reflect the increasing importance of digital assets in contemporary finance.

“Under the circumstances, the SEC’s Thursday decision on Ethereum is anticipated to press Seoul’s financial regulators to reconsider its regulations against digital assets.” –

• Xangle, a leading Cryptocurrency data provider based in Seoul.

Jung Eui-jung, who heads the Korean Stockholders’ Alliance, emphasized the need for Seoul to emulate the U.S. by approving Bitcoin and Ethereum ETFs. He highlighted that the current reluctance is generating widespread frustration, not just within the crypto community.