According to an article by South Korean media outlet “Chosun Biz” on Wednesday, the ruling party, the National Power, has decided not to disclose its campaign promises related to virtual assets prepared before the parliamentary elections. The party had considered including multiple policies that would contribute to the development of the local cryptocurrency industry in its campaign promises, including postponing the taxation of cryptocurrency profits and allowing local institutions to launch Bitcoin spot ETFs and invest directly in cryptocurrencies.
Insiders revealed that the National Power has “indefinitely postponed” its plan to relax cryptocurrency restrictions, including lifting the ban on Bitcoin spot ETFs. It was reported that the reason for the party’s withdrawal of its previous promises may be due to difficulties in coordinating with government departments and financial regulatory institutions on cryptocurrency policies.
In January of this year, the South Korean financial regulatory institution reaffirmed 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.
According to reports, the largest opposition party in South Korea, the Democratic Party of Korea, officially announced its campaign promises regarding cryptocurrency last week, including allowing investors to purchase Bitcoin spot ETFs through personal savings accounts. South Korea will hold parliamentary elections on April 10th.
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