The meeting between South Korea's Financial Supervisory Service (FSS) and the US Securities and Exchange Commission (SEC) in May aims to explore the integration of spot Bitcoin ETFs and NFTs into virtual assets.

NFTs, known for their digital certificates of ownership, are transforming sectors such as art and gaming.

Despite their growing importance, the legal classification of NFTs in South Korea remains uncertain, prompting calls for formal recognition as commercial assets.

However, concerns remain about potential regulatory barriers that hinder innovation and market access for start-up SMEs.

Kathy Wood: We are waiting for SEC approval mainly for Bitcoin and Ethereum

At the same time, the lack of a clear legal framework for NFTs can have far-reaching consequences for businesses.

Increased regulatory oversight may infringe on individual rights and privacy, particularly when tracking NFT transactions.

In the field of Bitcoin ETFs, South Korea's Financial Services Commission (FSC) issued a recommendation in January that prompted major securities firms to suspend brokerage services for foreign-listed spot Bitcoin ETFs.

As stakeholders await the results of the discussions, tensions are mounting over potential changes in regulatory frameworks and their impact on the digital economy, writes kryptonovini.com. 

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