TechFlow news, April 29 — According to The Block, South Korea's conservative ruling party, the People Power Party (PPP), unveiled seven initiatives at a parliamentary session on Monday aimed at fostering the crypto asset ecosystem. The party pledged to allow spot cryptocurrency ETF trading within this year and eliminate the "one exchange, one bank" rule that restricts cryptocurrency exchanges from partnering with banks.
Lawmaker Park Soo-min stated that given the strong interest and high trading volumes seen in U.S. spot Bitcoin ETFs, South Korea "can no longer delay." The party also plans to legalize security token offerings (STOs) and introduce a stablecoin regulatory framework aligned with global standards, while proposing a "Basic Act for Promoting Digital Assets."
These crypto initiatives come as South Korea prepares to elect a new president on June 3. Meanwhile, the country’s Financial Services Commission announced in January that it would gradually lift restrictions on institutional investors investing in cryptocurrencies and is advancing follow-up legislation focusing on stablecoin regulations, token listing, and disclosure requirements.
