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In order to garner support before the legislative election, political campaigns in South Korea are taking advantage of the nation’s thriving crypto currency sector. The People Power Party of President Yoon Suk Yeol and the opposition Democratic Party have both made promises about cryptocurrencies in their campaigns. The People Power Party, which understands the significance of the crypto industry to voters, has promised to postpone the introduction of a digital asset tax. However, the Democratic Party has concentrated on removing limitations on exchange-traded funds (ETFs), which include those that contain Bitcoin products issued in the United States.
South Korea Will Provide ETF and Crypto Exposure
Democratic Party policy expert Hwanseok Choi said that their platform encourages the use of both domestic and foreign exchange-traded funds (ETFs), according to a Bloomberg article. After the US legalized such products in January, the decision to let ETFs invest directly in Bitcoin gained momentum. The assets held by these Bitcoin ETFs currently total about $57 billion. The securities regulator for South Korea, however, voiced worries that local brokerage of these instruments would be illegal, leading to confusion and adversely affecting the market. While the People Power Party’s manifesto does not specifically address this debate, it does commit to delaying proposed cryptocurrency gains taxes past the 2025 deadline.
South Korea is renowned for its passion for cryptocurrencies other than Bitcoin, and its citizens have actively engaged in the recent crypto bull market. When it comes to trading volume, Upbit, the biggest cryptocurrency exchange in the country, is constantly ranked among the best worldwide platforms. Over $200 million was invested by South Koreans last month in MicroStrategy Inc.’s shares, a US-listed business that owns Bitcoin. They have expressed interest in the legal US crypto-futures exchange-traded funds (ETFs).
Additionally, election candidates themselves have exposure to cryptocurrencies, with about 7% owning digital assets, according to a Yonhap study that examined their asset reports.
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