South Korea’s Financial Watchdog Chief to Discuss Crypto Regulation with SEC Chair Gary Gensler

The chief of South Korea's financial watchdog is planning a visit to the United States to hold discussions on crypto regulation with Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). The focus of these discussions will be on the SEC's recent approval of spot bitcoin exchange-traded funds (ETFs). The chief emphasized the significant impact of SEC policies on the global financial landscape.

South Korea's Financial Supervisory Service (FSS) Governor's Intention to Visit the U.S.

According to local media reports, Lee Bok-hyun, the governor of South Korea's Financial Supervisory Service (FSS), announced his intention to visit leading financial markets in 2024, including the United States. During these visits, Governor Bok-hyun plans to engage in discussions on key regulatory issues, particularly those related to the cryptocurrency industry. The focus will be on spot bitcoin exchange-traded funds (ETFs). In a Q&A session with reporters, he stated:

"I will meet with SEC Chairman Gary Gensler (this year), and there are areas where we will focus on… such as virtual asset issues and bitcoin spot ETFs."

The FSS governor emphasized the importance of the impact of SEC policies on the global financial landscape and expressed the need for a meeting and discussion with Chairman Gensler.

Approval of Spot Bitcoin ETFs by the SEC

After multiple rejections over the years, the U.S. Securities and Exchange Commission (SEC) finally approved 11 spot-bitcoin exchange-traded funds (ETFs) on January 10. Ten of these ETFs began trading the following day. Notable among them is Grayscale's Bitcoin Trust (GBTC), which converted into a spot-bitcoin ETF, and Ishares Bitcoin Trust (IBIT) by Blackrock, the world's largest asset manager.

Spot Bitcoin ETFs in South Korea

South Korea has yet to approve any spot bitcoin ETFs. Currently, virtual assets are not classified as financial products in the country. Therefore, the launch of a spot bitcoin ETF would be considered a violation of the Korean Capital Market Act, which mandates that ETFs track underlying assets such as stocks and bonds.

What are your thoughts on the South Korean regulator's plan to discuss crypto regulation, particularly issues surrounding spot bitcoin ETFs, with SEC Chair Gary Gensler? Share your opinions in the comments section below.

Frequently Asked Questions

Can you hold precious metals in an IRA?

The answer to that question will depend on whether the IRA owner plans to diversify his holdings to gold and/or keep them safekeeping.

Two options are available for him if diversification is something he desires. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. But, what if he doesn't want to sell his precious metal investments? In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.

Can I physically possess gold in my IRA account?

Many ask themselves whether they can physically possess gold in an IRA account. It is a valid question, as there is no legal way to possess gold in an IRA account.

However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.

Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.

It is easy to toss gold coins, but it's not easy to place them in an IRA. You'll have to pay twice taxes if you keep your gold in your home. Once for the IRS and once for the state where you live.

There are two ways to lose your gold: pay taxes twice and keep it in your house. Why would you want it to stay in your home?

It might seem that you want the security of knowing your gold is safe inside your home. But to protect yourself against theft, you should consider storing your gold somewhere more secure.

If you plan on visiting often, you shouldn't leave your precious gold at home. Thieves can easily steal your gold if you don't keep it safe.

A better option is to store your gold in an insured vault. You can rest assured that your gold is safe from theft, fire, earthquake, flood, and other hazards.

One advantage of storing your gold safely in a vault is the fact that you don't have to worry too much about property tax. Instead, you will have to pay income tax for any gains you make selling your gold.

If you prefer not to pay tax on your precious metals, an IRA may be a good option. An IRA will allow you to avoid income tax while earning interest on your gold.

Capital gains tax doesn't apply to gold. That means you have the right to cash your investment at whatever time you choose.

And because IRAs fall under federal regulation, you wonโ€™t have any problems getting your gold transferred to another institution if you move.

Bottom line: You can have gold in an IRA. The only thing holding you back is your fear of having it stolen.

Can I invest in gold?

The answer is yes! Gold can be added to your retirement plan. Because it doesn't lose any value over time, gold is a great investment. It also protects against inflation. You don't even have to pay taxes.

It's important to understand the differences between gold and other investments before investing in it. You cannot buy shares of companies that are gold, like stocks and bonds. They can't be sold.

Instead, you must convert your gold to cash. This means you will need to get rid. You cannot keep it.

This makes gold an attractive investment. Like other investments, you can always dispose of them later. But that's not the case with gold.

Worse, the gold cannot be used as collateral for loans. You may have to part with some of your gold if you take out mortgages.

What does this translate to? Your gold can't be kept forever. You will have to sell it at some point.

You don't have to worry about this now. To open an IRA, all you need is to create one. Then, you are able to invest in gold.

How do you withdraw from an IRA that holds precious metals?

If your account is with a precious metal IRA firm such as Goldco International Inc., you may want to consider withdrawing funds. You can sell your metals at a higher price if they are still in the account than if you left them there.

Here is how to withdraw precious metal IRA funds.

First, verify that your precious metal IRA allows withdrawals. Some companies offer this option while others do not.

Second, determine whether you can take advantage of tax-deferred gains by selling your metals. This benefit is provided by almost all IRA providers. However, some don't.

Third, you should check with the provider of your precious metal IRA to determine if there are fees for these steps. The withdrawal may cost extra.

Fourth, it is important to keep track of your precious-metal IRA investments for at most three years after you have sold them. In other words, wait until January 1st each year to calculate capital gains on your investment portfolio. Follow the instructions on Form 8949 to calculate the gain.

The IRS requires that you report your sale of precious metals. This will ensure you pay taxes on all the profits that your sales generate.

Before selling precious metals, it is a good idea to consult an attorney or trusted accountant. These professionals can ensure that you adhere to all procedures and avoid costly errors.

How much are gold IRA fees?

The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type has their own set of rules. You may be required to pay taxes on earnings earned from investments that aren't tax-deferred. Consider how long you will keep the money. You will save money if you intend to keep your funds longer than a Roth IRA.

Traditional IRAs allow you to contribute up $5,500 annually ($6,500 if 50+). The Roth IRA allows unlimited contributions each year. The difference between the two is simple. A traditional IRA can be withdrawn after retirement without any taxes. A Roth IRA will entail taxes for any withdrawals.

Is a gold IRA worth it?

Yes, but not as often as you think. It all depends on your willingness to take on risk. You could have $1 million if you're willing to invest $10,000 each year for 20 years. If you try to put all your eggs into one basket, you will lose everything.

You need to diversify your investments. Inflation makes gold a good investment. You should invest in an asset that increases with inflation. Stocks can do this well as they rise when profits are increased. This is also true with bonds. They pay annual interest. They are great in times of economic growth.

What happens if there is no inflation? Stocks fall more and bonds lose value during deflationary times. This is why investors should not invest all of their savings in one investment, such a bond mutual fund or stock mutual fund.

Instead, they should invest in a mix of different funds. They could invest both in stocks and bonds, for instance. Or, they could invest in both bonds and cash.

So they can see both sides of each coin. Inflation and depression. They will still experience a return with time.

What Precious Metals Can You Invest in for Retirement?

The first step to retirement planning is understanding what you have saved now and where you are saving money. Take a look at everything you own to determine how much you have left. This includes all savings accounts and stocks, bonds or mutual funds. It also should include certificates of Deposit (CDs), life insurance policies. Annuities, 401k plans, real-estate investments, and other assets like precious metals. Add all these items together to calculate how much money you have for investment.

If you are under 59 1/2 you should consider opening a Roth IRA Account. A traditional IRA allows you to deduct contributions from your taxable income, while a Roth IRA doesn't. But, future earnings won't allow you to take tax deductions.

If you decide to invest more, you will most likely need to open a second investment account. Begin with a regular brokerage.


  • Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (
  • Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (
  • You can only purchase gold bars of at least 99.5% purity. (
  • SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (

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How To

How to decide if a Gold IRA is right for you

Individual Retirement account (IRA), is the most widely used type of retirement plan. IRAs may be obtained from financial planners or banks as well as mutual funds and banks. Individuals are allowed to contribute up to $5,000 each year to IRAs without having to pay tax consequences. This amount can be deposited into any IRA, regardless your age. However, certain IRAs have limits on the amount you can deposit. For example, a Roth IRA contribution is not allowed if you are less than 59 1/2. If you're under 50, you must wait until you reach age 70 1/2 before making contributions. In addition, some people who work for their employer may be eligible for matching contributions from their employer.

There are two types of IRAs available: Roth and traditional. The traditional IRA allows you the opportunity to invest in stocks and bonds as well as other investments. However, the Roth IRA only allows you to invest after-tax dollars. Roth IRA contributions don't get taxed as soon as they are made. However, withdrawals from a Roth IRA will be taxed again. Some people combine both of these accounts. Each type of IRA comes with its own pros and cons. There are pros and cons to each type of IRA. Three things to bear in mind before you decide which type of IRA is best for you:

Traditional IRA Pros:

  • Contribution options vary by company
  • Employer match possible
  • Can save more than $5,000 per person
  • Tax-deferred Growth until Withdrawal
  • You may have income restrictions
  • Maximum annual contribution is $5,500 ($6,500 for married couples filing jointly).
  • The minimum investment is 1000
  • After the age of 70 1/2, mandatory distributions must be taken.
  • For an IRA to be opened, you must have at least five-years-old
  • Transfer assets between IRAs cannot be done

Roth IRA pros

  • Contributions are exempt from taxes
  • Earnings can grow tax-free
  • No required minimum distributions
  • The only options for investing are stocks, bonds, or mutual funds
  • There is no maximum contribution limit
  • No limitations on transferring assets between IRAs
  • Open an IRA if you are 55 years or older

If you are thinking about opening an IRA, it is important to be aware that not all companies offer exactly the same IRAs. Some companies provide the choice of a Roth IRA as well as a traditional IRA. Some will let you combine them. It is also important to note that different types IRAs will have different requirements. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.

The Bottom Line

The key factor in choosing an IRA account is whether you wish to pay taxes now, or later. A traditional IRA is a good choice if you expect to retire within ten. Otherwise, a Roth IRA could be a better fit for you. Either way, it's always a good idea to consult a professional about your retirement plans. You need someone who knows what's happening in the market and can recommend the best options for your situation.


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