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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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Report: South Korea Submits Approval Roadmap for Spot Crypto Assets ETF
According to Gate News bot, as reported by The Block citing local news, the South Korean top financial authority submitted a roadmap for approving local Spot Crypto Assets exchange-traded funds on Thursday.
According to Yonhap News Agency, the Financial Services Commission submitted plans to the President's Policy Planning Committee, which said it would work out implementation measures for spot crypto ETFs in the second half of this year.
The roadmap from the Financial Supervisory Service of South Korea supports the campaign promise of the new president Lee Jae-myung to lift the domestic ban on Crypto Assets ETFs. Previously, the service had prohibited the trading or issuance of such financial products on the grounds that they could jeopardize financial stability, and the service deemed that Crypto Assets are not suitable underlying assets.
The roadmap also reportedly also includes plans to fully enact the rules for lifting the ban on the won stablecoin in the second half of 2025, another item on President Lee Jae-myung's cryptocurrency agenda. In a discussion last month, he said South Korea needed to build a won-based stablecoin market to prevent domestic capital outflows. The approval of the crypto ETF and KRW stablecoin is part of Lee's broader campaign to help local youth build a financial foundation.
At the same time, the South Korean Financial Supervisory Service is working to open the traditional financial market to the cryptocurrency market and is currently approving institutional investors to engage in cryptocurrency trading in phases.
In addition to cryptocurrencies, the FSC plans to review a potential plan to extend the trading hours of the Korea Exchange, the only stock exchange operator in South Korea, from 6.5 hours to 12 hours.
South Korea is one of the largest retail cryptocurrency markets in the world. As of the end of last year, South Koreans held about 104 trillion won ($75.7 billion) worth of cryptocurrencies, according to the Financial Supervisory Commission of South Korea.