South Korea's Democratic Party of Korea confirmed in June that it plans to request an authoritative comment on Bitcoin spot ETFs from the Financial Services Commission. The move is part of the party's efforts to fulfill its general election promises.
An official with the Democratic Party's policy committee announced the plans during a telephone interview. “After the 22nd National Assembly opens in June, we plan to again request an authoritative interpretation of the Bitcoin spot ETF from the financial authorities,” the official said.
The Democratic Party had previously announced that it would allow the issuance, listing and trading of spot ETFs that use virtual assets such as Bitcoin as underlying assets. This was an important promise in the general elections.
However, to date, South Korean local financial authorities have not allowed the issuance and trading of Bitcoin spot ETFs. They issued a comment that BTC spot ETFs are not financial investment products, given that virtual assets are not included in the underlying assets of ETFs under the Securities Act.
But that may change after the United States approved the launch of a Bitcoin spot ETF in January and trading of Bitcoin and Ethereum spot ETFs began in Hong Kong last month.
*This is not investment advice.
