According to an article by Korean media outlet “Chosun Biz” on Wednesday, the ruling party in South Korea, 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 several policies that would contribute to the development of the local cryptocurrency industry in its campaign promises, such as delaying the taxation of cryptocurrency profits and allowing local institutions to launch Bitcoin spot ETFs and directly invest in cryptocurrencies.
Insiders revealed that the National Power has “indefinitely postponed” its plans to relax cryptocurrency restrictions, including lifting the ban on Bitcoin spot ETFs. The party reportedly withdrew its previous promises possibly due to difficulties in coordinating with government departments and financial regulatory agencies on cryptocurrency policies.
In January of this year, the South Korean 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 they are still allowed to invest in overseas cryptocurrency futures products.
It is reported that the 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 personal savings accounts. South Korea will hold parliamentary elections on April 10th.
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