Samsung Securities and Future Asset Securities of South Korea have temporarily suspended overseas Bitcoin spot ETF services due to regulatory warnings

On January 12th, according to The Block, several major securities companies in South Korea have suspended brokerage services for spot Bitcoin ETFs. The list of suspended companies includes the securities department of Samsung Group and Future Asset Securities. According to local news media Dailian, as of the end of 2022, Samsung Securities managed assets worth about $220 billion, while Merrill Lynch's asset management scale is expected to be around $215 billion by the end of June 2023. BlockBeats previously reported that on January 11th, the Financial Services Commission of South Korea reiterated its commitment to restricting financial institutions from issuing cryptocurrency ETFs. The stability of the financial market and investor protection are cited as reasons for maintaining the current restrictions. Currently, South Korea's Capital Market Act limits the underlying assets range for investment contract securities such as ETFs to financial instruments, currencies, and ordinary commodities but does not include cryptocurrencies.