🌋 Bitcoin ETFs Gaining Traction in South Korean Politics
posted 20 Feb 2024
The Democratic Party of South Korea, currently in the opposition, has pledged to grant citizens the right to invest in spot Bitcoin ETFs through individual savings accounts, Seoul Economy Daily reports.
Their rival, the People Power Party, is also contemplating the issue of Bitcoin ETFs. While their stance is expected to be cautious, it's leaning towards the positive, given the substantial demand for these instruments among voters.
This investment method through individual savings accounts would permit South Koreans to engage with digital financial tools without the taxation of gains up to 2 million won (around $1500).
In addition to the general public, the Democratic Party aims to open virtual asset access to institutional investors.
Considering Korea's third-place global position in virtual asset trade volume, yet with corporate investments hindered, the market is predominantly individual-driven. Engaging professional, including institutional investors, is crucial,commented Hwang Sok Jin, professor at Dongguk University's School of Information Security.
It's noteworthy that in January, the Korean Financial Services Commission (FSC) had prohibited the trading of spot Bitcoin ETFs, despite their approval by the U.S. Securities and Exchange Commission (SEC).
This decision, however, is now being reconsidered as part of the political agenda in the run-up to the elections scheduled for April 10th, with crypto ETFs emerging as a key campaign issue for both parties.
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