Korea Financial Association Pushes for Spot Crypto ETFs

Hwang Sung-yup, chairman of the Korea Financial Investment Association (KOFIA), has emphasized the need for spot cryptocurrency exchange-traded funds (ETFs) in South Korea. In a recent press briefing, Hwang stated that introducing spot crypto ETFs is crucial to aligning the country's financial market with international trends.

The chairman noted that countries like the US, UK, and Hong Kong have long incorporated virtual assets into their portfolio diversification strategies. He urged the government and National Assembly to swiftly introduce spot crypto ETFs in South Korea, ensuring that the country does not lag behind more advanced markets.

However, the implementation of this plan faces a significant hurdle: the Digital Asset Basic Act, which would enable the creation of domestic spot crypto ETFs, may experience difficulties in passing parliament. With several legislative issues pending and local elections scheduled for June, the bill's passage in the first half of the year seems uncertain.