South Korean Regulator Stands Firm Against Local Brokerage of US Bitcoin ETFs

South Korea's Financial Services Commission has raised concerns that U.S.-listed bitcoin ETFs may violate local laws, potentially conflicting with the Virtual Asset User Protection Act and the Capital Markets Act. The regulator plans to conduct further review, and the SEC chair is scheduled to meet with his Korean counterpart to discuss the matter. Meanwhile, South Korean authorities are also planning to introduce regulations that would require officials to disclose their cryptocurrency holdings. In the U.S., Vanguard has opted not to offer spot bitcoin ETFs on its platform, citing a misalignment with its investment portfolio strategy.