Maeil Business, a South Korean news media, reported on January 18 that the presidential office stated that it has "informed the main responsible department, the Financial Services Commission, not to provide specific instructions on whether to approve domestic Bitcoin spot ETFs." At a briefing on Thursday, someone asked Sung Tae-yoon, the policy chief of the presidential office, about whether South Korea is considering institutionalizing Bitcoin. He stated, "We are working to make appropriate modifications to our legal system, or we are jointly considering these directions, if events occurring overseas can be accepted by South Korea.""We are studying how to ensure that there is another investment asset element, but it will not become a side effect or risk factor for other financial products or the real economy," Sung added.