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

Odaily Planet Daily Report: A new South Korean regulatory body will be established this month, with the approval of Bitcoin ETF as a key item on its agenda. The tentatively named "Virtual Assets Committee" may hold its first meeting "as early as this month". The committee will operate under the jurisdiction of the Financial Services Commission (FSC) of South Korea. Analysts say its establishment will help "accelerate the discussion on approving issues such as Bitcoin and Ethereum spot ETFs". Industry insiders reveal that the committee will also discuss "allowing corporate virtual asset investments". It is understood that several South Korean companies hope to follow the lead of US and Japanese companies in the Bitcoin, Ethereum and Altcoin investment space. Earlier this year, a South Korean financial industry expert stated that "more than one major" domestic company wants to know if Seoul will allow companies to purchase Bitcoin using their own balance sheets, and also mentioned that if granted permission, some companies "may also consider investing in Ethereum". However, despite pressure from the industry and lawmakers, the FSC has repeatedly postponed discussions on the approval of Bitcoin ETFs. Insiders in the crypto industry say the committee will also discuss "the second phase" of crypto legislation. (News1) Previous reports indicate that the Financial Services Commission of South Korea plans to establish a Virtual Assets Committee to discuss the approval of spot ETFs and allowing companies to open virtual asset accounts. The Financial Services Commission had previously banned the trading of virtual asset ETFs such as Bitcoin due to the lack of underlying assets, and prohibited 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, with members including officials from the finance, economy, legal and technology departments, as well as civilians.