After the spot Bitcoin ETF approval from the USA, South Korea said that it did not favor spot ETFs and that they violated the country's laws.
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However, the approach to spot ETFs in the country has begun to change.
According to South Korean local news agency News1, the country's ruling party, the People Power Party, has started campaigns for the general elections to be held in April and its promises include spot Bitcoin ETF approval.
At this point, the ruling party said it was looking at ways to allow spot Bitcoin ETFs as part of its promises.
The news also stated that the ruling party is reviewing legal measures to approve spot BTC ETFs, as well as other cryptocurrency-related investment products green-lit in the United States.
The ruling party also said it plans to gradually lift the country's ban on institutional investment and initial exchange offerings (IEOs) in crypto.
In the case of institutional crypto investment, the ruling party is also exploring the possibility of allowing investment firms to buy crypto before allowing banks or insurance companies, according to the report.
The party also promised to create a “Digital Asset Promotion Committee” that will have sufficient authority to propose laws and impose sanctions on digital assets.
It was also stated that the party is working to further withdraw the tax that will be applied to cryptocurrency earnings from the beginning of 2025 to 2027.
*This is not investment advice.