- South Korean politicians have doubled down on championing pro-crypto policies.
- The opposing and ruling political parties now support a common digital assets policy.
- The political parties are considering the policy as part of their election pledges.
South Korean politicians compete to court the populace with pro-crypto policies to win their support ahead of the upcoming legislative election for the unicameral National Assembly.
Just a day after the ruling People Power Party proposed to delay the implementation of crypto tax laws for another two years as a “general election pledge,” the opposing Democratic Party pledged to “institutionalize virtual assets” by allowing the launch of spot Bitcoin ETFs.
Opposition Joins the Ruling Party in Bitcoin ETF Advocacy
According to a local media report on February 20, the Democratic Party of Korea is keen on pushing for trading, brokerage, and investment in Bitcoin spot exchange-traded funds (ETFs) as part of its April 10 general election pledge.
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Besides allowing South Koreans to trade in funds listed on overseas stock exchanges, the opposition plans to create a framework for domestic asset management companies to develop Bitcoin ETF products and list them on the local stock market.
Per the report, South Koreans can access spot Bitcoin ETFs through their individual savings accounts (ISA) if the pledge is fulfilled. As an all-in-one account for various investments in equity-linked securities, ISA offers tax exemptions to financial gains of up to $1,497.
Following today’s development, both the ruling party and opposition party are seemingly considering Bitcoin ETF approval as a primary election pledge. Yesterday, another local media covered the ruling party’s plan to include a Bitcoin ETF into its comprehensive election pledge scheduled to be announced this week.
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But unlike the opposition, the ruling party singled out Bitcoin ETFs trading through domestic firms due to the financial authorities’ ban. South Korea’s FSC banned spot Bitcoin ETFs on January 12, two days after their approval in the U.S.
Read why South Korea warned brokers against Bitcoin ETF trading:
South Korea Warns Brokers Against Bitcoin ETF Trading
Stay updated on why ‘ineligible’ exchanges face expulsion in South Korea:
‘Ineligible’ South Korea Crypto Exchanges Face Expulsion
