According to the report cited by South Korean media “Chosun Biz” on Wednesday, the ruling party, the People Power Party of Korea, has decided not to disclose its campaign promises related to virtual assets prepared before the parliamentary elections. The party had considered incorporating several policies beneficial to the local cryptocurrency industry into its campaign promises earlier this month, including delaying the taxation of cryptocurrency profits and allowing local institutions to launch Bitcoin spot ETFs and directly invest in cryptocurrencies.
Insiders revealed that the People Power Party has “indefinitely postponed” its plan to relax restrictions on cryptocurrencies, including lifting the ban on Bitcoin spot ETFs. The party reportedly withdrew its previous promises possibly due to difficulties in coordinating with government agencies and financial regulatory authorities on cryptocurrency policies.
In January of this year, South Korea’s financial regulatory agency reiterated the ban on financial institutions launching any type of cryptocurrency ETF. Local investors are currently prohibited from investing in cryptocurrency spot ETFs, but are still allowed to invest in overseas cryptocurrency futures products.
It was reported that South Korea’s largest opposition party, the Democratic Party of Korea, also officially announced its campaign promises regarding cryptocurrencies last week, including allowing investors to purchase Bitcoin spot ETFs through individual savings accounts. South Korea will hold parliamentary elections on April 10.
Source: 【Chosun Biz】.