South Korea’s Ruling Party Vows to Approve Spot Crypto ETFs, Scrap Key Banking Rule

The People Power Party from Zuid -Korea has sworn to approve Crypto -ITFs of Spot, to dismantle an important bank restriction and to revise digital asset laws before the end of the year, local media reported on Monday.

The party revealed his digital promise of the active, only a few weeks after the deposed president of the country, Yoon Suk Yeol, was removed from the office For illegally impressive siege, a political shock that has formed the basis for a brightly disputed Snap election on 3 June.

The proposals of the PPP include the abolition of the “One Exchange, One Bank” rule, which limits crypto exchanges to a single bank partner – regulations accused For anchoring monopolies and limiting the consumer’s choice.

“It is very restrictive not to be able to exchange virtual assets via the bank of your choice,” said Rep. Park SOO-min Monday during the Emergency Response Committee meeting that was held at the National Meeting.

The PPP has also promised to legalize Spotcrypto ETFs within the year. Park emphasized the urgency of approval, pointing to the decision of the US Securities and Exchange Commission (SEC) Greenlight Spot Bitcoin ETFs Last January.

Moreover, the party said in its agenda that it would also institutionalize the participation of companies and institutional investors in the cryptomarkt within this year.

If PPP wins, from the second quarter, non-profit organizations can enter into crypto-trade, with broader participation of approximately 3,500 companies and investment firms.

‘Golden Standard’

Rep. Choi Bo-Yoon that PPP is also planning to introduce a “global standard” regulatory system for Stablecoins, local media reported.

To supervise the implementation of its digital assets agenda, the party wants to set up a special committee for virtual assets under the presidential office.

The PPP has sworn to carry out the Framework Act about the promotion of digital assets, which would subdivide exchange activities, make listing instructions and introduce a disclosure system for digital asset transactions.

The Push of the party corresponds to a global shift to Crypto cure, caused by the movements of US President Donald Trump Register the Defi broker rules” authorize The establishment of a National Bitcoin stock and the placement of crypto as a core element of American financial policy.

Recectececrecer-Deregulation, PPP presidential candidate Hong Joon-Pyo, appealing to the Trump era sworn at “Eliminate the regulations as much as the Trump administration did” and promised to extend blockchain applications in South Korean public services.

Nevertheless, it depends on the election result whether the agenda of the PPP can go.

Candidate Lee Jae-Myung of the Democratic Party has campaigned on restoring democratic standards and stabilizing the economy, but has offered few details about his position on regulating digital assets.

Current poll to show Lee, who narrowly lost the 2022 race, now, according to the local media, an impressive lead over his rivals.

Edited by Sebastian Sinclair