Korea Digital Asset (KODA), South Korea’s leading institutional crypto custodian, reported a nearly 250% increase in its crypto assets under custody in the latter half of 2023.
This surge is closely linked to the growing excitement over the potential launch of local spot Bitcoin exchange-traded funds (ETFs).
Why South Korea Expects Local Spot Bitcoin ETFs
According to IBT, KODA’s crypto assets swelled to approximately 8 trillion Korean won (~ $6 billion), up from roughly 2.3 trillion Korean won (~ $1.7 billion) at the year’s midpoint. Moreover, this growth spurt in crypto holdings coincided with a global uptick in crypto market enthusiasm.
This was primarily due to the US Securities and Exchange Commission’s (SEC) actions towards approving spot Bitcoin ETFs. Before the SEC’s nod, Bitcoin’s price had already jumped by 40%. Following the SEC’s approval of 11 spot Bitcoin ETFs, Bitcoin’s value further escalated, surpassing the $50,000 milestone.
Furthermore, KODA has solidified its market presence by managing over 200 crypto wallets and serving around 50 institutional customers. By mid-2023, the firm claimed an 80% local market share.
In addition, the Financial Supervisory Service (FSS) of South Korea has revealed upcoming discussions between its governor, Lee Bok-hyun, and SEC chief Gary Gensler. Scheduled for the second quarter of 2024, these talks will focus on virtual asset regulations and the potential for Bitcoin spot ETFs. This indicates a forward-thinking approach to crypto regulation and international cooperation.
Read more: What Is a Bitcoin ETF?
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Author: Harsh Notariya
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