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Leading up to South Korea’s general election in April, both the governing and opposition parties are courting voters with pro-crypto policies.
South Korea, known for its high-volume crypto trading scene, could see these electoral pledges positively influence the global cryptocurrency market.
According to various local sources, the governing People Power Party has outlined a commitment to explore the feasibility of spot Bitcoin ETFs. The party has announced plans to create a digital asset advancement committee tasked with recommending legislation and enforcement measures and has expressed a desire to prioritize establishing a regulatory framework over imposing taxes.
🇰🇷📰Both the ruling and opposition parties in South Korea are proposing poll promises favorable to the #crypto market as part of their campaign for the upcoming general election in April. Given South Korea's significant role in the crypto market with high trading volume, the… pic.twitter.com/dC9In8p894
— FACTBLOCK (@FACTBLOCK) February 21, 2024The plan also includes a proposal to defer the introduction of taxes on cryptocurrency profits to a later date. The initial plan to tax earnings from digital assets, including profits from the sale or loan of such assets, had been postponed from 2023 to 2025. However, the party’s latest campaign pledge suggests a longer delay, potentially until 2027.
Other local sources also suggested that the Democratic Party, the main opposition, has also voiced support for enabling investments in spot Bitcoin ETFs, aligning with the pro-crypto market stance of the ruling party.
These proposals indicate that regardless of which party is elected, the crypto industry in South Korea will potentially see positive reinforcement from the government with more favorable policies.
