Following the ruling party in South Korea, the Democratic Party of Korea is also promoting the approval of Bitcoin spot ETFs as an electoral commitment

2024-02-20 18:04:32

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ChainCatcher news, according to the Seoul Economic Daily, the Democratic Party of Korea is pushing to allow investment in Bitcoin spot exchange-traded funds (ETFs) as part of its election promise for the April 10 election. Last month, the country's financial regulators reiterated the 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 "institutionalizing virtual assets and revitalizing investment" on the 21st. To this end, the Democratic Party plans to allow domestic financial investment companies to trade overseas Bitcoin spot ETFs by amending the Capital Markets Act after consultations with the Financial Services Commission.

In addition, the Democratic Party plans to allow investment in Bitcoin spot ETFs through Individual Savings Accounts (ISAs). It explained, "Investment profits obtained through ISAs can be tax-free up to 2 million won, allowing people to reduce their tax burden while investing."

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