- South Korea’s FSC is planning to lift the spot ETF ban.
- The deposits from Upbit make about 20% of all the deposits into K-bank.
South Korea’s Financial Services Commission (FSC) is reconsidering the possibility of lifting its long-term ban on spot exchange-traded funds (ETFs). It further allows institutional accounts on local crypto exchanges.
The Virtual Asset Committee will evaluate approving the virtual asset spot ETFs and allowing the corporate virtual asset accounts.
Since 2018, the strict guidelines of FSC have kept South Korea‘s institutional investors away from the cryptocurrency market. Moreover, the FSC Chairman, Kim Byung-hwan mentioned that apart from reviewing the ETF policies, a detailed study of the monopolistic structure of virtual exchanges will be held in South Korea. Upbit dominates over 61% of the trading volume among the licensed exchanges in the country.
Moreover, it’s crucial to note the financial connection of Upbit with K-bank, one of the first digital banks to debut in South Korea. Reportedly, the deposits from Upbit make about 20% of all the deposits into K-bank.
On the other hand, the exchange is one of the five licensed exchanges in the nation with over $1.17 billion daily transactions. In addition, its market share has increased by 80%, as per CMC data.
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