Korea’s financial authority to establish crypto committee for ETF and corporate account discussions

The South Korean Financial Services Commission (FSC) reported to the National Assembly its plan to form a committee dedicated to crypto-related issues, according to Digital Asset. The planned virtual asset committee will advise on policies and regulations affecting the virtual asset market and businesses. Its agenda will include discussing the potential approval of spot cryptocurrency ETFs and the possibility of allowing corporate cryptocurrency accounts. Currently, the FSC does not allow the trading of virtual asset ETFs, such as Bitcoin ETFs, because they do not qualify as underlying assets under the Capital Markets Act. The regulator also prohibits corporate crypto accounts to mitigate money laundering risks.