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Following South Korea’s ruling party, the Democratic Party of Korea also pushed to allow Bitcoin spot ETFs as an election promise

Following South Korea’s ruling party, the Democratic Party of Korea also pushed to allow Bitcoin spot ETFs as an election promise

CointimeCointime2024/02/20 10:21
By:Cointime

The South Korean Democratic Party is pushing to allow investment in Bitcoin spot exchange-traded funds (ETFs) as part of its April 10th election promise. Last month, the country's financial regulatory agency reiterated its ban on financial institutions launching any type of cryptocurrency ETF. According to the Democratic Party's policy coordination committee on the 20th, the party will announce its plan for "virtual asset institutionalization and investment revitalization" on the 21st. To this end, the Democratic Party plans to modify the Capital markets Act, allowing domestic financial investment companies to trade overseas Bitcoin spot ETFs after consultation with the Financial Services Commission. In addition, the Democratic Party plans to allow investment in Bitcoin spot ETFs through individual asset management accounts (ISAs). He explained, "Investment profits obtained through ISAs can be tax-exempt up to a maximum of 2 million Korean won, so people can reduce their tax burden while investing." Yesterday, the ruling party in South Korea, the People's Power Party, considered allowing spot Bitcoin ETFs in its election promises.

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