The South Korea Power Party has announced seven major law changes to improve their virtual asset ecosystem. One of them is a plan to launch the Bitcoin ETF spot during this year.
According to a report by Local Media Edaily, the People’s Power Party announced that trade for Digital Asset Spot ETF will be authorized this year. For the first time, the merchants of the country will be able to invest in negotiated funds on the stock market linked to large cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Representative Park Soo-Min said it was almost time that South Korea allowed FNB supported by Crypto on the market, taking into account other countries like the United States, Hong Kong and the United Kingdom have already taken the lead.
“Hong Kong and the United Kingdom have also approved the negotiation of the ETF inheritance. Korea does not have time to delay, “said Park.
The decision is part of a series of regulatory changes proposed by the power party to accelerate the country’s cryptographic industry. From the second quarter of this year, companies will be able to exchange digital assets.
Until now, a total of 3,500 companies and institutions, including 2,500 large -scale listed companies and 1,000 professional investment companies, will be institutionalized during this year in order to participate in the without restriction cryptography market.
Another major breakthrough is the abolition of the “One Crypto Exchange, One Bank” policy. Under politics, crypto exchanges in South Korea are only allowed to be attached to a bank at a time. This was done to prevent financial crimes such as money laundering and to detect the suspicion transaction.
However, the South Korean government realized that this policy was extremely restrictive for the exchanges of Crypto who wish to establish partnerships with several banks.
In addition, the People Power Party has also announced the creation of a securities bill, which would include a Stablecoin regulation system that meets global standards, basic laws to improve digital assets and the establishment of a new tax system for crypto.
“We do not allow the obsolete regulations of the authorities to hinder the growth of virtual assets that can help finance growth,” said representative Park.
In order to implement these changes, the party wishes to form a special committee on virtual assets directly under the presidential candidate of the Power People party. The committee plans to take the lead in the institutionalization of virtual assets, creating a basis for industrial innovation in the cryptographic landscape.
According to a recent Hana Bank report, young South Korean investors are looking into cryptographic investments. Not only has this, data showed that more than 30% of the rich investors in South Korea prefer crypto for long -term investments, which exceeds interest in gold or property.
