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Following a decisive win in April’s general election, South Korea’s Democratic Party is moving forward with its campaign pledge to enable the local issuance and trading of spot bitcoin ETFs. The party, which secured 175 of the 300 seats in the National Assembly, is set to challenge the current stance of the Financial Services Commission (FSC), which has so far denied the legalization of spot bitcoin ETFs citing a lack of legal framework for cryptocurrencies as underlying assets.
The Democratic Party plans to formally request that the FSC reevaluate its position on spot bitcoin ETFs when the 22nd National Assembly convenes in June. This initiative is part of a broader agenda to make these financial products accessible to retail investors through tax-exempt accounts, thereby fostering a more inclusive financial environment for cryptocurrency investment in the country. Additionally, the party is prepared to propose amendments to existing financial regulations if the FSC maintains its reluctance to authorize bitcoin funds, demonstrating a significant shift in legislative intent to support the growth of the cryptocurrency sector in South Korea.
