South Korean regulator to review crypto ETF approval: report

South Korea’s financial watchdog is reportedly set to review the approval of spot crypto ETFs and the legalization of corporate crypto accounts through a newly formed committee.

However, the report does not indicate a specific timeline for when South Korean authorities will review the approval of crypto ETFs.

South Korea speeds up with crypto regulation

The move comes as the Korean regulatory body faces mounting calls for reform in these areas as the domestic crypto market evolves. Currently, the FSC is processing renewal applications for virtual asset service providers that first registered in 2021, as the regulator pushes amendments to the Specific Financial Information Act, designed to enhance oversight of market manipulation and unfair trading practices, the report notes.

The FSC reportedly also indicated it is considering “Phase 2 legislation,” which would focus on tighter regulatory controls for crypto businesses, such as issuance and listing requirements, following the recent enactment of the Virtual Asset User Protection Act, introduced in July.

Upbit, which holds around 80% of the local market, is the country’s largest crypto exchange and ranks fifth globally by 24-hour trading volume.