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<ul>
 <li>Democratic Party’s push to review Bitcoin ETF ban signals regulatory shift in South Korea.</li>
 <li>With 175 seats secured, the party gears up for crypto-friendly policy changes.</li>
 <li>&nbsp;FSC’s ban on Bitcoin ETFs faces scrutiny amidst the party’s pledge for accessibility.</li>
</ul>
<p>A major change in cryptocurrency legislation is being signaled by the <a href="https://thediplomat.com/tag/democratic-party-of-korea/" target="_blank" rel="noopener noreferrer nofollow">Democratic Party of South Korea</a>‘s preparation to contest the prohibition on spot bitcoin exchange-traded funds (ETFs). With 175 seats out of 300 in the April general election, the party won by landslide, and it is now in a position to promote spot bitcoin funds’ local accessibility.</p>
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   <p lang="en" dir="ltr">JUST IN: <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f0-1f1f7.png" alt="🇰🇷" class="wp-smiley" style="height: 1em; max-height: 1em;"> South Korea’s winning party to allow spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETFs in the country soon: Reports<br><br>Asia is ready <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/i270LfzR88" rel="noopener noreferrer nofollow">pic.twitter.com/i270LfzR88</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1787788979091239348?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 7, 2024</a>
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<p>The party’s plan involves requesting financial regulators to reconsider the prohibition on spot bitcoin ETFs, a move aimed at broadening access to these investment products within South Korea. This initiative aligns with the Democratic Party’s election promise to facilitate the launch of spot crypto ETFs by local financial institutions, allowing retail investors to purchase these funds with tax exemptions.</p>
<p>Once the 22nd National Assembly convenes in June, the Democratic Party intends to formally approach the Financial Services Commission (FSC), the country’s top financial watchdog, to reevaluate the ban on spot <a href="https://bitcoin.org/en/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> ETFs.&nbsp;</p>
<p>Considering cryptocurrencies cannot be used as the underlying assets for such products, the FSC currently forbids the creation or trading of spot bitcoin ETFs. The Democratic Party is still looking for ways to get over this regulatory roadblock.&nbsp;</p>
<p>The party is thinking about <a href="https://cryptonewsland.com/south-korea-advances-crypto-safety-with-revolutionary-investor-protection-bill/" target="_blank" rel="noopener noreferrer nofollow">changing current financial laws</a> in the case that the FSC continues to be reluctant to authorize bitcoin funds. The Democratic Party’s request that spot bitcoin ETFs be reviewed is indicative of a larger tendency in South Korean attitudes toward <a href="https://cryptonewsland.com/south-korea-strict-crypto-regulations-after-tragedy/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency regulation</a>.&nbsp;</p>
<p>Growing motivation is being directed toward creating a more favorable climate for cryptocurrency investment and innovation with the party’s improved position in the National Assembly.</p>
<p>Finally, the Democratic Party’s effort emphasizes the need for proactive policymaking to accommodate the changing landscape of digital assets as South Korea deals with the challenges of regulating cryptocurrencies. With stakeholders eagerly observing events, the result of this regulatory inquiry may have a big impact on how South Korea invests in cryptocurrencies going forward.</p>
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</ul>
<p>The post <a href="https://cryptonewsland.com/democratic-party-in-south-korea-seeks-approval-for-bitcoin-etfs-is-this-the-end-of-the-countrys-bitcoin-etf-ban/" rel="noopener noreferrer nofollow">Democratic Party in South Korea Seeks Approval for Bitcoin ETFs, Is This the End of the Country’s Bitcoin ETF Ban?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Democratic Party in South Korea Seeks Approval for Bitcoin ETFs, Is This the End of the Country’s Bitcoin ETF Ban?

Crypto News Land

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