South Korean Regulators Verbally Instruct ETFs in the Country to Stop Increasing Their Holdings of Crypto Company Stocks Like Coinbase

According to The Korea Herald, South Korea's Financial Supervisory Service recently issued verbal guidance to domestic asset management companies, asking them not to increase the proportion of their holdings in ETFs of crypto companies such as Coinbase and Strategy. The regulator reiterated that the "Emergency Countermeasures Related to Virtual Currency" promulgated in 2017 are still valid. This administrative guidance clearly prohibits formal financial institutions from holding or purchasing virtual assets, obtaining related collateral, and making equity investments. [Foresight News]