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South Korea’s Financial Services Commission (FSC) will not allow crypto ETFs despite SEC’s approval of spot Bitcoin ETFs. An FSC official says the ban on financial instutitions with regard to cryptocurrencies remains. Despite the eventual approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC), it does not change South Korea’s regulatory approach on these products. An official of South Korea ’s Financial Services Commission (FSC) told a local news outlet on January 11, a day after the SEC’s spot Bitcoin ETF approval, that financial institutions are banned from investing in crypto currencies. TAccording oto the FSC official , there are no policy changes regarding virtual currencies and that the US move isn’t new. Spot ETFs have been allowed in Hong Kong, Germany, Canada and other jurisdictions. But that does mean South Korea will follow suit. Also, as it stands, the law does not allow financial ...

The Bank of Korea (BOK), is launching a pilot project in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to explore the implementation of a central bank digital currency (CBDC). The primary objective of this pilot is to assess the practical aspects of a wholesale CBDC network in cooperation with commercial banks and the public. CBDC transfer mechanism between banks | Source: The Bank of Korea You might also like: South Korean regulators focus on OTC crypto market The central bank won’t introduce a retail CBDC to avoid bank disintermediation. Instead, they’ll research the currency’s technology, while the government looks for innovative ways to get people interested in cryptocurrencies. “Koreans are widely known for their active involvement in crypto trading. Furthermore, there exists an active interest and significant investment in the field of blockchain technology from both large scale e...

The Korean company Mirae Asset Securities has closed a partnership with Polygon Labs, focusing on the growth of token ized securities networks. Under the partnership, Polygon Labs will work as a Mirae Asset Security Token Working Group consultant. Both companies will put joint efforts into constructing the infrastructure for token ized securities platforms. The partnership’s main aim will be establishing both companies as asset token ization leaders worldwide. Polygon, formerly Matic Network, was founded in 2017 by Jaynti Kanani, Mihailo Bjelic, Anurag Arjun, and Sandeep Nailwal. The project initially aimed to address the scalability issues of the Ethereum (ETH) network. However, in February 2021, the framework was rebranded as Polygon with an expanded goal of supporting the creation and connection of Ethereum-compliant blockchains. Polygon’s main objective is to reduce transaction fees and significantly increase transaction speed on the Ethereum network. By providing ...