South Korea's regulator, the Financial Services Commission (FSC), maintains its firm stance against approving Bitcoin exchange-traded funds (ETFs). The FSC states that the launch of virtual currency ETFs is "impossible" and that the ban is to stabilize the financial markets and protect investors. South Korea has also banned banks and financial institutions from buying and owning cryptocurrencies due to concerns about the illegal outflow of domestic funds. The FSC official cites other jurisdictions such as the United States, Hong Kong, and Germany that have already launched crypto ETFs. In contrast, the US Securities and Exchange Commission (SEC) recently approved the listing and trading of several spot Bitcoin ETFs. The FSC official notes that the US financial sector did not collapse during the crypto industry's downturn because it prohibited banks and financial institutions from investing in virtual assets.
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