In a Year of Elections, South Korea Considers Crypto Pledge to Gain Voter Support
In preparation for the upcoming April elections, the ruling party in South Korea is exploring ways to attract crypto investors’ support. During a meeting at the National Assembly, the People Power Party discussed several promotion measures for the crypto industry. These include allowing virtual asset exchange offerings (IEO), corporate virtual asset investment, and spot Bitcoin exchange-traded funds (ETFs). The party also considered permitting investment products approved by foreign countries into the country, including spot Bitcoin ETFs. Currently, financial companies and corporations are not allowed to invest in virtual assets, but this measure is being actively reviewed. The ruling party plans to gradually allow corporate crypto investment, starting with companies for asset management purposes.
Electoral Campaigns Target Crypto Voters
The People Power Party aims to capture the support of South Korean crypto investors for the general elections by promoting the entire virtual asset industry. They plan to establish a Digital Asset Committee with enough authority to propose laws and impose sanctions. This decision comes after the stipulated establishment of a dedicated organization under the Financial Services Commission. The current Virtual Asset Under Protection Act specifies the creation of a limited advisory-level virtual asset organization. However, the ruling party seeks to elevate this organization’s role to be similar to the Securities and Futures Committee within the Financial Services Commission. They also plan to address discrepancies in existing policies related to cryptocurrencies and consider implementing a virtual asset blind trust.
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