The Democratic Party of Korea promises to encourage local financial institutions to launch cryptocurrency spot ETFs and allow retail investors to purchase them

2024-05-07 18:05:19

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ChainCatcher news, according to The Block, South Korea's opposition party—the Democratic Party plans to push its campaign promise to make spot cryptocurrency funds accessible domestically. The Democratic Party won 175 out of 300 seats in the April elections, becoming the dominant force in the National Assembly. The party has committed to urging local financial institutions to launch cryptocurrency spot ETFs and allowing retail investors to purchase these funds through tax-exempt accounts.

It is reported that the Democratic Party plans to request the Financial Services Commission (FSC) to re-examine Bitcoin spot ETFs at the 22nd National Assembly meeting in June, in order to open such products in the local market.

Currently, the FSC has not allowed the issuance or trading of Bitcoin spot ETFs, as the FSC believes that Bitcoin or other cryptocurrencies cannot serve as legitimate underlying assets for such products. The Democratic Party is also considering options to amend existing financial regulations to address the FSC's potential continued refusal.

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