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The global crypto market cap is $1.68 trillion with a 24-hour volume of $54.64 billion. The price of Bitcoin is $42,551.26 and BTC market dominance is 49.8%. The price of Ethereum is $2,511.30 and ETH market dominance is 18.0%. The best performing cryptoasset sector is Debit Card, which gained 9%.
Regulatory clouds hover as South Korea addresses Bitcoin ETFs and public officials' crypto declarations.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
South Korea’s Financial Services Commission raised concerns that domestic securities firms brokering overseas-listed Bitcoin spot exchange-traded funds (ETFs) may violate local laws, according to a Jan. 12 notice.
The regulator acknowledged that the country was creating a regulatory regime for the emerging industry but cautioned that the brokerage services for these foreign ETFs might be violating its Virtual Asset User Protection Act and the Capital Markets Act.
The FSC further announced intentions to conduct a comprehensive review of its regulations, aligning them with international practices.
Following the warning, several local securities firms, including Samsung Group’s securities division and Mirae Asset Securities, reportedly halted their services for these foreign spot bitcoin ETFs in various countries like Canada and the U.S.
This warning from the FSC comes in the wake of its renewed ban on crypto investments by financial institutions. In Dec. 2017, South Korean regulators implemented emergency measures prohibiting institutional cryptocurrency investments. Subsequently, the country embarked on a comprehensive crypto regulation initiative set to be enforced by July.
While South Korea may not currently embrace spot crypto ETFs, it has recently announced plans for the declaration of crypto assets by public officials. The Ethics Policy Division in the country disclosed that it will publish the assets held by approximately 5,800 public officials.
On Jan. 10, the U.S. Securities and Exchange Commission (SEC) approved the launch of 11 spot Bitcoin ETFs from several issuers, including Grayscale, BlackRock, and others, after years of rejections due to market manipulation concerns.
The ETFs quickly attracted massive interest from the community, recording a trading volume that surpassed $4 billion on their first day of trading.
Meanwhile, major traditional firms in the U.S., like Vanguard, are also restricting their customers from purchasing these Bitcoin ETFs. The company said those investments do not align with its investment philosophy.
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Rowan Energy pioneers DePIN in solar sector, enabling owners to become key players in energy distribution.
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