South Korea’s Financial Services Commission plans to establish a virtual asset committee and hold its first meeting this month

A new South Korean regulator is set to be established this month, with a ruling on the approval of a Bitcoin ETF at the top of its agenda. The agency, tentatively named the Virtual Assets Committee, could hold its first meeting “as early as this month.” The agency will operate under the jurisdiction of the Financial Services Commission (FSC) of South Korea. Analysts say its establishment will help “speed up discussions on issues such as the approval of Bitcoin and Ethereum spot ETFs.” Industry insiders revealed that the committee will also discuss the issue of “allowing companies to invest in virtual assets.” It is understood that several South Korean companies want to follow American and Japanese companies into the field of Bitcoin, Ethereum and altcoin investment. Earlier this year, a South Korean financial industry expert said that “more than one large” domestic company wanted to know whether Seoul would let companies buy Bitcoin with their own balance sheets, and that some companies “may also consider investing in Ethereum” if permission is granted. However, despite pressure from the industry and lawmakers, the FSC has repeatedly postponed discussions on the approval of a Bitcoin ETF. Crypto industry insiders say the agency will also discuss the “second phase” of crypto legislation. (News1) Previous news, the Financial Services Commission of South Korea plans to set up a virtual asset committee to discuss the approval of spot ETFs and allow companies to open virtual accounts. The Financial Services Commission previously banned virtual asset ETFs such as Bitcoin due to the lack of underlying assets, and banned companies from opening virtual asset accounts due to money laundering risks. The committee will be led by the vice chairman of the Financial Services Commission, and its members will include officials from the Ministry of Finance, Economy, Law and Technology, and private individuals. At the same time, the Financial Services Commission is monitoring abnormal market transactions, protecting the rights and interests of investors, and considering further institutional improvements.