Following South Korea’s ruling party, the Democratic Party of Korea also pushed to allow Bitcoin spot ETFs as an election promise
The South Korean Democratic Party is pushing to allow investment in Bitcoin spot exchange-traded funds (ETFs) as part of its April 10th election promise. Last month, the country's financial regulatory agency reiterated its 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 "virtual asset institutionalization and investment revitalization" on the 21st. To this end, the Democratic Party plans to modify the Capital markets Act, allowing domestic financial investment companies to trade overseas Bitcoin spot ETFs after consultation with the Financial Services Commission. In addition, the Democratic Party plans to allow investment in Bitcoin spot ETFs through individual asset management accounts (ISAs). He explained, "Investment profits obtained through ISAs can be tax-exempt up to a maximum of 2 million Korean won, so people can reduce their tax burden while investing." Yesterday, the ruling party in South Korea, the People's Power Party, considered allowing spot Bitcoin ETFs in its election promises.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?
215 Arrested in South Korea’s $232M Crypto Scam
South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme
BlackRock Launches BUIDL Fund on 5 Blockchains
BlackRock, the world’s largest asset manager, just took a big step in the crypto world