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Home»ADOPTION NEWS»South Korea’s ruling party considers allowing spot Bitcoin ETFs in election pledge: Report
ADOPTION NEWS

South Korea’s ruling party considers allowing spot Bitcoin ETFs in election pledge: Report

By Crypto FlexsFebruary 20, 20243 Mins Read
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South Korea’s ruling party considers allowing spot Bitcoin ETFs in election pledge: Report
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Policy • February 19, 2024 5:40 AM EST

Posted 1 minute ago In ~

Local media reported Monday that the ruling party People Power Party is considering allowing bitcoin spot exchange-traded funds (ETFs) as part of its election pledge for the April general election.

In addition to spot Bitcoin ETFs, the right-wing party will consider legislative action to approve other cryptocurrency-related investment products approved in the U.S., the Korean news agency said. News 1 It has been reported. Last month, the Korea Financial Supervisory Service The ban was reiterated Restricts financial institutions from launching any type of cryptocurrency ETF.

The ruling party plans to consider gradually lifting the state’s ban on institutional investment in cryptocurrency and IEOs (initial public offerings). When it comes to institutional cryptocurrency investments, the party is exploring the possibility of allowing investment firms to purchase cryptocurrencies before allowing them to banks or insurance companies, according to the report. This approach takes into account the need for banks and insurance companies to prioritize protecting user funds.

Meanwhile, according to reports, the party has pledged to form a ‘Digital Asset Steering Committee’ that will be given sufficient powers to propose laws and impose sanctions related to digital assets.

Does it appeal to young voters?

This morning, local media outlet Herald Business Daily reported that the People Power Party may make the following promises: Further repeal taxation of cryptocurrency profits From early 2025 to 2027.

News 1 reported that the People Power Party’s election promise was aimed at winning the votes of people in their 20s and 30s. According to data from the National Tax Service, as of September 2023, more than 80% of cryptocurrency holders in Korea are in this age group. data.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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