South Korea’s Opposition Party Supports Spot Bitcoin ETFs
In an effort to gain support ahead of the upcoming general election, the Democratic Party of South Korea is advocating for the legalization of spot Bitcoin exchange-traded funds (ETFs) and the launch of such investment vehicles by financial institutions. They propose allowing citizens to invest in spot Bitcoin ETFs using their individual savings accounts (ISAs), which offer tax exemptions for financial profits. This comes shortly after the ruling party, the People Power Party, also expressed interest in allowing spot Bitcoin ETFs and exploring other digital asset investment products. Additionally, the ruling party is considering lifting bans on initial exchange offerings (IEOs) and establishing a “Digital Asset Promotion Committee” with legislative authority.
Spike in Suspicious Crypto Transactions
The increased trading activity in South Korea’s crypto market has led to a rise in suspicious transactions. In 2023, there was a 49% increase in alerts for potentially fraudulent transactions from crypto service providers compared to the previous year. The country reported over 16,000 instances of crypto transactions suspected of being linked to activities like money laundering, market manipulation, or illicit drug trading. These findings were disclosed in a report by the Financial Intelligence Unit (FIU). As a result, stricter regulations may be implemented to address these concerns and ensure the integrity of the crypto market.
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