According to PANews, South Korean regulators are closely observing developments in Japan before making decisions on cryptocurrency spot ETFs. Reports from South Korean media outlet Maeil Kyungjae suggest that if Japanese regulators approve a Bitcoin ETF, South Korea may follow suit.
The Japanese Financial Services Commission (FSC) has been deliberating on Bitcoin ETF approval since the end of last year. However, the agency has consistently shown a lukewarm attitude towards cryptocurrencies, particularly Bitcoin ETFs. This has prompted South Korean financial authorities to respond accordingly. Reports indicate that another leading South Korean regulatory body, the Financial Supervisory Service, has reviewed the Japanese Financial Services Agency's (FSA) crypto policies and shared its findings with relevant organizations in Seoul.
Major Japanese media outlets, including Nikkei, have reported that the FSA is considering reclassifying cryptocurrencies as investment tools and is also contemplating the approval of Bitcoin and altcoin ETFs. South Korean regulators believe that the FSA's silence on the matter lends credibility to the Nikkei report.