Kim Byung-hwan Expresses Doubts About Crypto ETFs in South Korea
During a hearing in the Political Affairs Committee of the South Korean National Assembly, Kim Byung-hwan expressed doubts about the necessity of introducing cryptocurrency ETFs in the country. Despite persistent demands from many local lawmakers and efforts by the Democratic Party to lift the ban on bitcoin spot ETFs, Byung-hwan is calling for a more cautious approach.
Kim Byung-hwan noted that it is necessary to first study the results of using such investment products in the United States, where cryptocurrency ETFs have already been approved. In his opinion, South Korea should focus on protecting investors and maintaining financial stability, rather than on developing the digital asset market.
He emphasized that the current issues and instability in the cryptocurrency market require careful analysis and a review of the regulations governing virtual asset operators. Byung-hwan also expressed the view that virtual assets should not be considered as currencies or financial products. In his opinion, digital assets issued by the private sector cannot fully replace money issued by the central bank.
These comments reflect Byung-hwan’s concerns about the potential risks associated with the introduction of cryptocurrency ETFs in South Korea, and underline his commitment to protecting investors and ensuring financial stability in the country.
