Bitcoin

A couple of days have passed since the 22nd general election took place in South Korea, whose results have disappointed President Yoon Seok-yeol and the country&#39;s ruling People Power Party (PPP). The main opposition Democratic Party of Korea (DPK) won the election in a landslide, securing a total of 175 seats out of 300 in the National Assembly.Now, with the DPK set to continue exerting control over the National Assembly, financial industry insiders are focusing on whether the liberal party will stick to its campaign pledges to ease regulations on cryptocurrencies and related products – most notably, approving investment and trading of spot Bitcoin exchange-traded funds (ETFs) within the country, <a href="https://news.einfomax.co.kr/news/articleView.html?idxno&#61;4305279" rel="noopener noreferrer nofollow">according</a> to media outlet Yonhap Infomax.Ever since the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January, interest surrounding such products has intensified among Korean investors.However, the Korean Financial Services Commission (FSC) has been reluctant to approve such spot ETFs, citing the potential risk of such approval violating the Financial Investment Services and Capital Markets Act.<h2 id="header-0">Various pledges to ease crypto regulations</h2>The DPK, in response, has introduced several campaign pledges aimed at easing crypto regulations, both to win votes from younger Koreans – especially those in their 20s and 30s who make up a significant portion of crypto investors in the country – and to bolster the local crypto market.Among these pledges was to include virtual asset ETFs in Individual Savings Account (ISA), which would enhance tax breaks for crypto gains. Another notable pledge was to <a href="https://coinnesslive.page.link/7QkvBE9URisGAtch7" rel="noopener noreferrer nofollow">deduct</a> taxes on crypto gains worth up to KRW 50 million (approximately $36,560). Under the current law, only crypto gains within the limit of KRW 2.5 million qualify for the tax deduction.One local crypto insider commented on the outcome of the general election, saying that the industry will need to keep an eye on how the situation surrounding crypto regulations develops, as easing such regulations was one of the key promises the DPK made during the election campaign period.<h2 id="header-1">Still, long way ahead for Korea to approve spot Bitcoin ETFs</h2>Meanwhile, CryptoQuant CEO Ki Young Ju left <a href="https://x.com/ki_young_ju/status/1778659722276794696" rel="noopener noreferrer nofollow">a comment</a> yesterday on the X (formerly Twitter) post written by crypto analyst MartyParty, which <a href="https://x.com/martypartymusic/status/1778658779833172124" rel="noopener noreferrer nofollow">reads</a>, &#34;South Korea has approved spot Bitcoin ETFs.&#34;Ju pointed out that South Korea still has &#34;a long way to go&#34; when it comes to approving spot Bitcoin ETFs, noting that just because &#34;the Bitcoin-friendly Democratic Party,&#34; or the DPK, won the general election doesn&#39;t mean that financial regulators have approved such products.

DPK’s landslide win in general election stokes anticipation of spot Bitcoin ETFs approval in Korea

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CoinNess Global

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