TechFlow news, according to local media reports on Monday, South Korea's ruling party, the People Power Party, is exploring ways to allow spot Bitcoin exchange-traded funds (ETFs), as part of its campaign pledges for the upcoming April general election.
In addition to spot Bitcoin ETFs, the right-wing party also said it would review legislative measures to approve other crypto-related investment products already approved in the United States, according to South Korean news agency News1.
The ruling party also plans to consider gradually lifting the country’s ban on institutional investments in cryptocurrencies and initial exchange offerings (IEOs). The report stated that regarding institutional crypto investment, the party is exploring the possibility of allowing investment firms to purchase cryptocurrencies before banks or insurers are permitted to do so, taking into account the priority of banks and insurers in safeguarding customer funds.
Earlier report, South Korea's ruling party has begun pushing to delay the imposition of capital gains taxes on cryptocurrency profits by another two years, as part of its campaign commitments for the upcoming April general election.
