South Korean FSC Chair Candidate Reluctant to Approve Spot Bitcoin ETF

Bittime - Kim Byung-hwan, the future chairman of South Korea's Financial Services Commission (FSC), expressed his disapproval of the approval of the Bitcoin Spot ETF. Kim emphasized that the main priorities of financial policy are market stability, investor protection and global trends.

Market Stability and Investor Protection

Kim Byung-hwan, who currently serves as deputy first minister at the Ministry of Economy and Finance, emphasized the importance of financial market stability and investor protection as priorities in decision-making. 

He stated that financial authorities should focus on protecting users and maintaining market order, while policies will be promoted carefully.

A Conservative Approach to Bitcoin Spot ETFs

When asked about his stance on the Bitcoin Spot ETF, Kim expressed his negative attitude. He stated that although there are opinions supporting the introduction of Bitcoin and Ethereum ETFs in Korea, there needs to be a thorough review of the stability of financial markets, the health of financial companies, investor protection and global trends. This approach reflects caution in adopting new financial instruments related to crypto assets.

Issuance of Accounts with Real Names

In addition, Kim also expressed his disapproval of the publication of real-name accounts for companies and institutions, which has long been desired by the industry. He mentioned that there was a need for careful review given the potential use for money laundering, concerns about market overheating, and the possible transfer of risk from capital markets to the real economy. This shows that financial authorities prioritize security and stability aspects over rapid expansion in the crypto asset industry.

Virtual Asset Consumer Protection Law

Regarding the legislative progress of the Virtual Asset User Protection Act, Kim stated that South Korea will discuss with relevant departments. 

He highlighted the importance of cooperation between ministries in promoting the development of the technology industry, while financial authorities will remain focused on protecting users and maintaining market order.

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