Crypto:
29881
Bitcoin:
$68.447
% 0.96
BTC Dominance:
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Market Cap:
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% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.447
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

South Korea’s Ruling Party Retracts Spot Bitcoin ETF Election Promise!

The political landscape concerning South Korea’s cryptocurrency has entered a new phase as the ruling Power of the People Party has stepped back from its plan to argue for relaxed regulations, including legalizing spot Bitcoin exchange-traded funds (ETFs).

This news followed the initial reports suggesting that the party was preparing campaign promises in February that would delay crypto tax regulations, allow local institutions to launch spot Bitcoin ETFs, and even enable direct cryptocurrency investment.

Sources on the matter tied the party’s change of stance to the possible difficulties in coordinating crypto policies with the government and financial authorities.

While the ruling party steps back, the opposition Democratic Party continues to stick with its campaign promises for crypto announcements recently made, including support for spot Bitcoin ETFs. This is potentially setting the stage for contrasting policies concerning cryptocurrency regulation if the Democratic Party emerges victorious in the general elections scheduled for April 10.

This development leaves the future of spot Bitcoin ETFs in South Korea uncertain. With one side withdrawing its support, it is not yet known whether the stance of the opposite side, if elected, will prevail or whether a different approach to cryptocurrency regulation will eventually be adopted.


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