South Korean Party Pledges Access to US Bitcoin ETFs in Bid to Win Voters

Opposition South Korean parties started to attract crypto investors with crypto-friendly promises, as parliamentary elections are nearing. 

South Korea is a very big market for crypto companies but strict laws helped the local players of the country to maintain their monopoly over foreign players. Since the last couple of years, only half a dozen crypto companies have been allowed to provide crypto-fiat paired crypto services in the country. 

According to a report by Bloomberg, South Korean political parties are offering incentives in the Bitcoin industry to attract voters as the parliamentary elections are nearing.

 The opposition Democratic Party promised that they would lift restrictions on various local and foreign digital assets products, including cryptocurrencies and Bitcoin exchange-traded funds (ETFs) in the United States. 

Reportedly Hwanseok Choi, the policy specialist at the Democratic Party said “We’re going to allow the ETFs, whether domestic or overseas”. 

Choi also said that they aimed to capitalise on cryptocurrencies as incentives to Woo voters as President Yoon Seok Yeol of the People Power Party. 

Furthermore, he also said that the party will move the crypto tax on the crypto investment gain, which was scheduled to begin in 2025. 

Political competition among the different political parties is a good thing for the crypto sector, not only for the South Korean crypto market but also for other crypto markets in different jurisdictions.

As per data records, nearly six million South Korean citizens were involved in digital assets trading on licensed crypto exchanges in Q1 of 2023. This figure represents about 10% of the total population of this country. 

Experts believe that the situation is going to become the same in other jurisdictions also and this will lead to a better push for the crypto-friendly regulatory efforts as well as the adoption of this technology at more high levels. 

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