South Korea ‘s Election Heat Turns Up With Both Parties Backing Bitcoin ETFs

The South Korea political landscape is getting spicy! Both the ruling and opposition parties have now set their sights on the lucrative crypto market, specifically spot bitcoin ETFs, ahead of the general election on April 10th.

Opposition Vows for Direct Bitcoin Access

The Democratic Party, currently in opposition, is making big promises to potential crypto investors. They plan to allow individuals to directly invest in spot bitcoin ETFs through their Individual Savings Accounts (ISAs), offering easy access and potential tax benefits. Additionally, they aim to enable financial institutions to launch their own spot bitcoin ETFs, opening up the market for wider participation.

Not to be Outdone, the Ruling Party

Just a day earlier, the ruling People Power Party revealed similar intentions. Their plans include eliminating the ban on institutional crypto investment and raising the threshold for crypto gains taxation.

Clashing With Regulations

Both parties face a hurdle in the form of South Korea’s current financial regulations. The Financial Services Commission currently bans financial institutions from launching any kind of crypto ETFs. The Democratic Party hints at legislative measures to bypass the regulators if necessary.

Election Showdown for Crypto Future

This battle for crypto supremacy adds another layer of intrigue to the upcoming election. Voters who are bullish on bitcoin and other cryptocurrencies now have clear choices to consider. The party that delivers on its crypto promises could gain significant support in the election race.