South Korea’s winning party moves toward bitcoin ETF promise: report
South Korea’s opposition Democratic Party plans to move forward in its election pledge to make spot crypto funds accessible in the country.Local financial regulators currently see no legal basis for the local issuance and trade of spot crypto ETFs.
The opposing Democratic Party scored a major win in April’s general election, winning 175 seats out of 300 in the local legislative body, while the ruling conservative party won 108. It had pledged to enable local financial institutions to launch spot crypto ETFs and allow retail investors to purchase those funds through accounts with tax exemptions.
Once South Korea’s 22nd National Assembly commences in June, the Democratic Party plans to request the Financial Services Commission, the country’s top financial watchdog, to reexamine spot bitcoin ETFs with the aim of opening up such products locally, according to a BloomingBit report citing a member of the party.
The FSC currently does not allow issuance or trade of spot bitcoin ETFs, after it reportedly made a conclusion that there is no legal basis that bitcoin or other cryptocurrencies could serve as an underlying asset for such products.
The Democratic Party is also considering the option to amend existing financial regulations in case the FSC stays reluctant to greenlight bitcoin funds, the report said.
The representative for the Democratic Party did not immediately respond to The Block’s request for comments.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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