Summary
TLDR: KODA, a leading crypto custodian in South Korea, saw a 250% increase in assets under custody due to excitement over potential local spot Bitcoin ETFs. The surge is linked to global crypto market enthusiasm and the SEC’s approval of 11 spot Bitcoin ETFs. South Korea is considering regulations on overseas-listed spot Bitcoin ETFs while preparing to enforce strict crypto regulations with severe penalties for violations.
Key Points
1. Korea Digital Asset (KODA) saw a significant increase of nearly 250% in its crypto assets under custody in the latter half of 2023, reaching approximately 8 trillion Korean won (~ $6 billion).
2. The surge in KODA’s crypto assets is attributed to the anticipation surrounding the potential launch of local spot Bitcoin exchange-traded funds (ETFs), which has fueled global enthusiasm in the crypto market.
3. South Korea’s Financial Supervisory Service (FSS) is set to engage in discussions with the US Securities and Exchange Commission (SEC) regarding virtual asset regulations and the possibility of Bitcoin spot ETFs in the second quarter of 2024, demonstrating a proactive approach to crypto regulation and international collaboration.