The existence of several cryptocurrencies in the market and its unstoppable worldwide circulation has drawn the attention of the US Security and Exchange Commission (SEC).
On April 5, the whole world will wait including the Korean crypto market for the most anticipated decision of SEC if it will authorize Bitcoin Exchange Traded Funds (ETF) proposals or not. Korea is one particular country that is vulnerable since the verdict will decide the fate of its crypto market.
The decision regarding Bitcoin ETFs has been behind schedule many times. There is also a possibility that the postponement will be until October 2019. Due to the interruption, markets are now getting skeptical with the slow procedure and delay.
VanEck, CBOE, and SolidX also filed their proposals but was delayed, adjourned, and was recently filed again and was advanced to the US Federal Register. This indicates that starting Feb. 20, the SEC has 45 days to whether endorse, reject, or delay the proposal. In the coming three weeks, members of the public will have the advantage to express their sentiments and point of views on the applications together with the status of the Bitcoin market.
SEC decision greatly affects cryptocurrency. Authorizing a Bitcoin ETF means that the US regulators signal the green lights to the validity of Bitcoin. This decision will make the market buoyant especially for the Korean crypto market which is on a deadlock in terms of regulation.
SEC commissioner Robert J Jackson Jr. said,“Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we put the stamp of the United States Securities and Exchange Commission on an investment; once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”
South Korea has suddenly become a key world economy because of its high level of knowledge when it comes to technology. Regulators are somehow beginning to ease on cryptocurrency governance. Recently, the government has issued 1 trillion won or $880 million to blockchain development for 2019.
Globally, the Korean crypto market makes up a huge 30% of all cryptocurrency trading. Thirty percent of the workers get their salaries in cryptocurrency and own crypto assets. However, analysts fancy that once the SEC gives its “OK” on Bitcoin ETFs would become the signal to proceed.