South Korea’s Office of the President has urged the financial regulator to reconsider approving a local spot bitcoin exchange-traded fund (ETF), according to Sung Tae-yoon, the chief of staff for policy of the presidential office. The government is exploring ways to incorporate foreign affairs into local regulations, potentially indicating openness to launching spot crypto ETFs. This statement follows the Financial Services Commission’s recent warning that brokering foreign-listed bitcoin spot ETFs might violate capital market regulations. While South Korea’s government holds differing opinions on local spot bitcoin ETFs, Singapore and Thailand have stated that they are not considering such offerings. Regional experts suggest Hong Kong could be the next Asian hub to introduce a local spot crypto ETF, with financial regulators addressing requirements for such ETFs in December. Ten fund managers, some backed by Chinese capital, are reportedly exploring spot crypto ETF launches in Hong Kong. (Source: TheBlock)