Crypto NewsNewsConfusing Bitcoin Spot ETF and Cryptocurrency Decision from South Korea

Confusing Bitcoin Spot ETF and Cryptocurrency Decision from South Korea

South Korea's governing party, which declared approving Bitcoin Spot ETFs as an election promise, made a controversial decision.

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South Korea's ruling People Power Party has indefinitely postponed plans to ease domestic crypto restrictions, including lifting the ban on local spot Bitcoin ETFs, according to sources with knowledge of the matter.

Earlier this month, the party was reported to be drafting campaign promises aimed at rolling back taxation on crypto gains and allowing local institutions to launch spot Bitcoin ETFs and invest directly in cryptocurrencies. However, these plans have now been put on hold indefinitely.

The party's change of position may have been due to difficulties coordinating with government and financial authorities on crypto policies, local news outlet Chosun Biz reported.

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Meanwhile, the opposition Democratic Party, which has made similar promises regarding crypto ETFs, also officially announced its crypto campaign promises last week. The upcoming general elections in South Korea are expected to be held on April 10.

“It seems that quite some time has passed since the Democratic Party's announcement, and the People Power Party leadership has decided that it is difficult to attract attention with similar promises,” the insider said, adding that cryptocurrency-related content may only be included in the manifesto to be published in the middle of next month after further review. he added.

*This is not investment advice.

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