South Korea nears Bitcoin ETF decision at $92,441

South Korea is moving closer to a decision on Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs), with its financial regulators closely monitoring Japan's legislative developments regarding digital assets.

The South Korean government is looking to Japan as an example, as Japan has been cautious about digital assets but may be changing its stance.

Japan's Financial Services Agency is considering reclassifying cryptocurrencies as financial products, which could lead to the approval of Bitcoin ETFs in the country.

The Financial Supervisory Service (FSS) of South Korea has examined Japan's legislative trends and shared them with relevant institutions.

Japan's discussions on crypto ETFs are expected to continue through the first half of 2025, with a legislative plan potentially being submitted to the National Assembly by 2026.

Kim So-young, Vice Chairman of South Korea's Financial Services Commission, emphasised the need for careful review of spot Bitcoin ETFs, noting that countries like Japan and the U.K. have not yet approved such funds.

"I have continued to say that I would carefully review (spot Bitcoin ETFs), and it is similar in the broader context," So-young stated.

Despite political turmoil in South Korea, the government continues to advance crypto regulation efforts.

Over 30% of South Koreans invest in crypto assets, and the government has announced that charities and universities will be allowed to sell cryptocurrency donations starting in the second half of 2025.

The potential approval of Bitcoin ETFs in South Korea would mark a significant development for the country's cryptocurrency market, making it easier for both retail and institutional investors to access Bitcoin through traditional stock markets.

At the time of reporting, the Bitcoin (BTC) price was $92,387.68.