Election Winning Party Initiates Review of South Korea's Cryptocurrency ETF Ban
Date: 2024-05-09 Author: Oliver Abernathy Categories: IN WORLD
The opposition Democratic Party, which won parliamentary elections in South Korea, promises to change legislation to make cryptocurrency ETFs available to everyone. Party representatives are going to appeal to the country's financial regulator with a request to reconsider the ban on this new asset class.
The Promise of Investment Availability
According to local media, the Democratic Party of Korea, which won 175 of the 300 seats in parliament, intends to fulfill its election promises, including the launch of spot Bitcoin ETFs. They strive to make cryptocurrency investments more accessible to citizens.
Plans to Review the Ban
Once the new National Assembly begins its work in June 2024, the party plans to ask the South Korean Financial Services Commission (FSC) to review the current ban on crypto funds. They insist on the need to allow investment products based on crypto assets.
Increase in the Number of Suspicious Transactions
As political forces debate regulatory changes, South Korea is facing a 49% increase in suspicious crypto transactions in 2023. Crypto.com has delayed its launch in the region due to an FSC review of possible AML violations.
The Democratic Party is committed to not only allowing cryptocurrency ETFs, but also overcoming obstacles in regulating digital assets to promote their development in the country.
