Innovative Crypto Moves by the People Power Party
The People Power Party in South Korea is looking to introduce a Bitcoin spot ETF and exploring tax deferral for virtual assets to tap into the growing interest in cryptocurrencies.
Steering Crypto Growth
The party is considering creating a ‘Digital Asset Promotion Committee’ and exploring measures such as Initial Exchange Offerings (IEOs), corporate virtual asset investments, and Bitcoin spot ETFs, indicating recognition of the potential of virtual assets.
It aims to promote the virtual asset industry and establish a ‘digital asset promotion committee’ to propose laws and impose sanctions, with plans to expand this initiative to include banks and insurance companies.
Tax Deferral: A Solid Foundation
The PPP is contemplating a bold move of implementing a minimum two-year tax deferral for virtual assets and proposing the ‘Virtual Asset User Protection Act’ as a significant step toward smoother taxation processes.
Aligning with the broader trend of easing financial regulations, the party is exploring a “virtual asset taxation deferral” for a minimum of two years, as part of its general election promises.
Crypto Governance
Addressing policy discrepancies related to virtual assets, including the classification of virtual asset exchanges, and considering a virtual asset blind trust for National Assembly members and high-ranking public officials, the party shows its commitment to ensuring robust governance in the cryptocurrency world.
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