According to Cryptonews, the South Korean media "Daily Keizai" reported that South Korean regulators are closely monitoring developments in Japan before making decisions on cryptocurrency spot ETFs. This means that if Japanese regulators approve Bitcoin ETF applications, South Korean regulators may also follow suit.
The Financial Services Commission (FSC) of Japan has been discussing the approval of Bitcoin ETFs since the end of last year. However, the institution has repeatedly shown a lukewarm attitude towards cryptocurrencies, especially Bitcoin ETFs. Therefore, the South Korean financial authorities have also begun to respond. According to the media report, another top regulatory agency in South Korea, the Financial Supervisory Authority, has reviewed the encryption policies of the Financial Services Agency (FSA) in Japan and "shared its investigation results with relevant organizations in Seoul".
According to reports from major Japanese media such as Nikkei News, the Financial Services Agency of Japan is considering reclassifying cryptocurrencies as investment vehicles and is also "considering" approving Bitcoin and altcoin ETFs. South Korean regulatory authorities believe that the silence of the Japanese Financial Services Agency on this matter has increased the credibility of the Nikkei News report.
