PANews reported on November 20 that according to the Korea Economic Television, South Korea’s financial regulators not only banned the issuance of cryptocurrency ETFs for spot and futures products, but also rejected funds investing in crypto companies including exchanges. The head of an asset management company said that their proposal to set up a fund investing in crypto companies was rejected by the country’s Financial Supervisory Service.

He mentioned that his company is preparing to launch an ETF focused on U.S. crypto exchange Coinbase and similar companies, but it is still waiting for approval from local regulators. Meanwhile, an FSS official acknowledged the growing demand for Bitcoin investment, but said that regulations will not be relaxed unless the government's current policies change.