According to a report from The Block, several major securities firms in South Korea have suspended their brokerage services for Bitcoin spot ETFs, including those from Canada and Germany, as a precautionary measure following a warning issued by the country’s financial regulator. In a statement today, the Financial Supervisory Commission (FSC) of South Korea said, “Domestic securities firms providing brokerage services for Bitcoin spot ETFs listed overseas may violate the government’s existing position on virtual assets and capital market laws.” This notice may be a response to the approval of Bitcoin spot ETFs in the United States. According to local media Dailian, the companies suspending such ETF trades include the securities division of Samsung Group and Mirae Asset Securities. Mirae Asset Securities confirmed to The Block that they and several other companies have halted new transactions for foreign Bitcoin spot ETFs on their platforms. A spokesperson for Mirae Asset Securities mentioned that the FSC’s announcement is the main reason for the trading suspension, adding that local brokers are concerned that existing foreign Bitcoin ETF products may be interpreted as illegal. Foreign Bitcoin futures ETFs were not mentioned in the FSC’s warning and appear to still be trading on multiple platforms. The Mirae Asset spokesperson stated, “ETFs for Bitcoin futures have not been discussed for suspension.” Meanwhile, the FSC left room for further discussion in their announcement, stating that as the country continues to formulate regulations regarding cryptocurrencies, it plans to further study this issue.
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