Bitcoin and Altcoin Promises Before the Elections in South Korea: They Will Clear the Way! - Coin Bulletin

South Korea’s leading right-wing party People Power Party (PPP) plans to pave the way for spot Bitcoin ETFs this year by making significant promises to the crypto sector ahead of the upcoming elections.

As activity increases in the political scene of South Korea, the statements made by PPP on Monday in the National Assembly contain significant steps towards the crypto market. The party promised to expand banking services to cryptocurrency exchanges and to lift the “one exchange, one bank” rule. This regulation required exchanges to provide real-name accounts by working with only one bank.

PPP member of parliament Park Soo-min pointed out that spot Bitcoin ETFs have garnered great interest in the USA, stating that South Korea has “no tolerance for further delays” on this matter. Both major political parties in South Korea had previously called for the lifting of the ban on spot crypto ETFs.

Among the party’s promises is also the legalization of the digital securities issuance known as Security Token Offering (STO) and the establishment of stablecoin regulations in accordance with international standards. PPP also plans to propose a new law called “Digital Assets Promotion Fundamental Law” to support the development of crypto assets.

PPP aims to establish a special cryptocurrency committee chaired by the presidential candidate to carry out all these initiatives. The committee’s main tasks will include supporting the cryptocurrency industry, promoting innovations, and rebuilding investor confidence.

South Korean financial authorities announced last January that they would gradually lift investment bans on cryptocurrencies for institutional investors. The country continues to work on additional regulations that include stablecoin regulations, token listings, and transparency rules.