Financial Services Commission: "No final decision on the introduction of Bitcoin spot ETFs"

The Financial Services Commission drew a line regarding reports that the government will push ahead with the introduction of Bitcoin (BTC) spot exchange-traded funds (ETFs) and the establishment of a regulatory framework for stablecoins within the year, stating that "no decision has been finalized."

On the 20th, the Financial Services Commission stated in a press release, "It is difficult to confirm the specific details of the report to the State Planning Committee and the matters discussed, and nothing has been decided." Previously, according to relevant ministries, the Financial Services Commission was reported to have presented to the State Planning Committee on the 19th an implementation plan for the new government’s virtual asset pledges, which included the introduction of Bitcoin spot ETFs and improvements to the regulatory framework for stablecoins.

Specifically, the report included not only the legal grounds for introducing virtual asset spot ETFs but also plans for designing infrastructure such as setup, custody, and management, and investor protection measures. It was also stated that during the second half of this year, a regulatory framework will be established for the issuance of KRW-based stablecoins, and that a 'second phase of virtual asset legislation' will be pursued.