South Korea’s Ruling Party Pledges Crypto ETF Reform
- PP vows to approve spot crypto ETFs in 2024.
- Plans to scrap the “one exchange, one bank” rule.
- New crypto regulations hinge on the June election outcome.
South Korea’s governing People Power Party (PPP) has unveiled a progressive digital asset agenda in preparation for the pivotal June 3 snap election. The party promised to legalise spot crypto ETFs and scrap the inhibitive “one exchange, one bank” rule as part of efforts to bring the country’s cryptocurrency industry into modernity.
A Roadmap Toward Crypto-Friendly Regulations
The current banking rule limits each crypto exchange to partnering with only one bank, a policy the PPP criticises for limiting competition and consumer freedom. “It is very restrictive not to be able to trade virtual assets through the bank of your choice,” said Rep. Park Soo-min during a National Assembly meeting.
In response to international developments, such as the U.S. SEC’s clearance of spot Bitcoin ETFs in early 2024, the PPP has also pledged to approve “similar products” by year-end. Such ETFs would allow investors to have direct access to cryptocurrency markets and broaden their market access, and provide investment flexibility.
Beyond ETF legalisation and banking reform, the PPP also plans to enable corporate and institutional participation in crypto trading. An estimated 3,500 companies and nonprofits could enter the market starting in Q2 2025. To support this, a Virtual Asset Special Committee would be established under the presidential office to oversee regulatory efforts.
The party also plans to implement an international standard for stablecoin regulation and pass a Framework Act on the Promotion of Digital Assets for the regulation of exchange business and listing procedures.
However, the realisation of these reforms depends on the outcome of the election, where opposition leader Lee Jae-myung currently leads but remains non-committal on crypto policies.
Highlighted Crypto News Today:
FTX Legal Blitz Seeks Millions in Unreturned Tokens from Issuers
Read More
South Korea’s Ruling Party to Dismantle Key Restrictions and Expand Access to Crypto Trading
Bitcoin Beats Gold in South Korea’s Latest Investor Sentiment Survey
South Korea’s Ruling Party Pledges Crypto ETF Reform
- PP vows to approve spot crypto ETFs in 2024.
- Plans to scrap the “one exchange, one bank” rule.
- New crypto regulations hinge on the June election outcome.
South Korea’s governing People Power Party (PPP) has unveiled a progressive digital asset agenda in preparation for the pivotal June 3 snap election. The party promised to legalise spot crypto ETFs and scrap the inhibitive “one exchange, one bank” rule as part of efforts to bring the country’s cryptocurrency industry into modernity.
A Roadmap Toward Crypto-Friendly Regulations
The current banking rule limits each crypto exchange to partnering with only one bank, a policy the PPP criticises for limiting competition and consumer freedom. “It is very restrictive not to be able to trade virtual assets through the bank of your choice,” said Rep. Park Soo-min during a National Assembly meeting.
In response to international developments, such as the U.S. SEC’s clearance of spot Bitcoin ETFs in early 2024, the PPP has also pledged to approve “similar products” by year-end. Such ETFs would allow investors to have direct access to cryptocurrency markets and broaden their market access, and provide investment flexibility.
Beyond ETF legalisation and banking reform, the PPP also plans to enable corporate and institutional participation in crypto trading. An estimated 3,500 companies and nonprofits could enter the market starting in Q2 2025. To support this, a Virtual Asset Special Committee would be established under the presidential office to oversee regulatory efforts.
The party also plans to implement an international standard for stablecoin regulation and pass a Framework Act on the Promotion of Digital Assets for the regulation of exchange business and listing procedures.
However, the realisation of these reforms depends on the outcome of the election, where opposition leader Lee Jae-myung currently leads but remains non-committal on crypto policies.
Highlighted Crypto News Today:
FTX Legal Blitz Seeks Millions in Unreturned Tokens from Issuers
Read More
South Korea’s Ruling Party to Dismantle Key Restrictions and Expand Access to Crypto Trading