Rally

Cryptocurrency

Bitcoin

April

Bold

In the run-up to South Korea’s parliamentary elections, major political factions are courting the electorate with proposals aimed at the burgeoning cryptocurrency sector.
Bloomberg reported on April 5 that the Democratic Party, the main opposition, has committed to lifting bans on both domestic and international exchange-traded funds (ETFs) that directly invest in cryptocurrencies, such as U.S.-based spot Bitcoin ETFs.
This pledge comes in the wake of South Korea’s securities watchdog cautioning in January against the local distribution of Bitcoin ETFs, citing potential conflicts with national legislation.
“We’re going to allow the <a href="https://www.investopedia.com/terms/e/etf.asp" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">ETF</a>s, whether domestic or overseas,” Hwanseok Choi of the Democratic Party conveyed to Bloomberg, highlighting a key point in the party’s agenda.
Similarly, the ruling People Power Party, led by President Yoon Suk Yeol, is looking to attract the crypto-savvy demographic by proposing a postponement of taxation on digital asset gains, which is currently set to commence in 2025.
Cryptocurrency trading is a significant activity in South Korea, with nearly six million South Koreans, or 10% of the population, engaging in the market through registered platforms in the first half of 2023 alone.
Additionally, 7% of those running for election have disclosed cryptocurrency holdings.
Investment data reveals that South Koreans have poured more than $200 million into shares of MicroStrategy, a U.S.-listed enterprise with substantial Bitcoin assets, leading some to describe it as a de facto Bitcoin ETF.
Despite these electoral enticements, tighter regulatory measures on cryptocurrencies loom on the horizon.
READ MORE: <a href="https://www.cryptointelligence.co.uk/dogwifhood-wif-braces-for-explosive-price-rally-after-binance-tweet-sparks-listing-speculation/" data-wpel-link="internal" rel="noopener noreferrer nofollow">DogWifHood (WIF) Braces for Explosive Price Rally After Binance Tweet Sparks Listing Speculation</a>
The nation’s financial authorities are finalizing new regulations for token listings on centralized exchanges.
These include barring the listing of tokens involved in hacking incidents until an investigation is complete and restricting foreign digital assets to those that provide a white paper or technical guide for local investors.
Furthermore, the forthcoming Virtual Asset Users Protection Act, set to be enacted on July 19, introduces stringent restrictions against undisclosed information, market manipulation, and illegal trades in the crypto sphere.
An update to this act in February has established severe penalties for infringements, including imprisonment for over a year or fines amounting to three to five times the illicit gains.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

South Korea’s Major Parties Woo Crypto Voters with Bold Proposals Ahead of Parliamentary Elections

Crypto Intelligence

Các bài viết khác được xuất bản trên 8 thg 4, 2024

Cryptocurrency dogwifhat's Price Increased More Than 10% Within 24 hours

Ethereum Falls to 3-Year Low Against Bitcoin: Bear Trap? Peter Brandt Answers

91% of Coinbase’s Base Meme Coins at Risk: Vulnerabilities Exposed

Ethereum Leading Crypto Comeback; Targets $4000 ETH Price

Tensor: The Innovative NFT Trading Platform for Professional Investors

Spotify Rolls Out AI Playlist Feature in the UK and Australia

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!