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<p>Korea&#39;s Democratic Party of Korea (DPK) plans to <a href="https://coinnesslive.page.link/f2eBtq7k4ZcxVzkk9" rel="noopener noreferrer nofollow">re-request</a> the Financial Services Commission (FSC) for an authoritative interpretation of spot Bitcoin ETFs in June, seeking the legal interpretation of such products, <a href="https://v.daum.net/v/20240507143404067" rel="noopener noreferrer nofollow">according to</a> The Korea Economic Daily.</p><p>The FSC currently does not classify virtual assets as financial investment products, as they do not function as underlying assets for ETFs as stipulated by the Capital Market Act. Thus, the issuance and listing of spot cryptocurrency ETFs have not been permitted in the country, limiting trading opportunities for Korean investors.</p><p>Despite the situation, interest around the spot Bitcoin ETFs has surged in South Korea following the approval of such ETFs in the United States and recently in Hong Kong. This heightened expectation of spot Bitcoin ETF approval has coincided with the 22nd general election held on April 10.</p><h3 id="dpk-s-attempts-to-keep-its-promise">DPK’s attempts to keep its promise</h3><p>The DPK’s decision to seek clarification on spot Bitcoin ETFs from the financial regulator comes after the party’s landslide win at the general election, <a href="https://coinnesslive.page.link/3on5D3HUAmEhhb9s6" rel="noopener noreferrer nofollow">securing</a> a total of 175 seats out of 300 in the National Assembly. Among the party’s key pledges were to allow the trade of spot BTC ETFs and ease regulations on crypto products.</p><p>In the run-up to the election, the DPK and the ruling People Power Party (PPP) vied for introducing pro-crypto pledges to win votes from young Koreans in their 20s and 30s, who make up a significant portion of crypto investors within the country.</p><h3 id="bold-move-to-amend-capital-market-act">Bold move to amend Capital Market Act</h3><p>The spokesperson of the DPK said the party will first seek an authoritative interpretation regarding spot Bitcoin ETFs from the FSC and continue to closely monitor how the situation unfolds. The prevailing view from experts, however, is that the agency is likely to remain sturdy in its view.</p><p>If the FSC insists on its current stance on spot BTC ETFs, the party would go as far as to amend the Capital Market Act, the spokesperson said, which would take at least a number of months to follow all due processes.</p><p></p>

Korean Democratic Party to urge FSC to change its stance on spot BTC ETF

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