The media learned about Gary Gensler's upcoming meeting with the South Korean regulator
SEC Chairman Gary Gensler will meet with the head of South Korea's FSS. The parties will discuss the classification of NFT and the possible launch of spot bitcoin ETFs. The meeting will take place in May 2024.
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will hold a meeting with the head of South Korea's Financial supervision Authority (FSS). This is reported by local media.
The parties will discuss the classification of non-interchangeable tokens (NFT) and the potential approval of spot bitcoin ETFs in South Korea. The meeting will take place in May 2024, the source claims.
According to available information, the head of the FSS, Lee Bok Hyun, intends to raise the issue of the legal classification of NFT as a virtual asset. If this market segment is regulated, issuers may face new regulatory requirements.
Note that there is no clear definition of NFT in the country. Market participants did not agree on whether to consider it as a technology, a virtual asset or a security. However, against the background of the general growth of the crypto market, NFTs have become the object of speculation, according to the FSS.
Gensler and Lee Bok Hyun are reportedly considering approving spot bitcoin ETFs in South Korea. There are restrictions on the launch of investment products related to digital assets in the country. In addition, local firms cannot act as intermediaries for cryptocurrency ETFs traded abroad.
