On July 22, according to the "Korea Economy" report, Kim Byoung-hwan, the current First Deputy Minister of Economy and Finance of South Korea and a candidate for the chairpersonship of the Financial Services Commission (FSC), said that he is unwilling to approve the spot bitcoin ETF in South Korea and is unwilling to issue real-name bank accounts for entities and institutions in South Korea. The ETF believes that prudent decisions on these matters should be made taking into account the stability of financial marekts, the soundness of financial firms, investor protection and global trends. Although he has previously advocated the elimination of capital gains tax on financial investments, he has reservations about cryptocurrency taxation and said the matter should be discussed jointly by Congress and the Ministry of Economy and Finance.