Representation of Bitcoin cryptocurrency is seen in this illustration taken January 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - South Korea's financial regulator on Friday said brokering U.S. spot bitcoin exchange-traded funds (ETFs) may be illegal in local markets, in an official response to the U.S. Securities and Exchange Commission's approval of such ETFs.
"For domestic securities firms, any brokering of overseas-listed Bitcoin spot Exchange Traded Funds may violate the existing government stance on virtual assets and the Capital Markets Act," the Financial Services Commission (FSC) said in a statement.
