Leading up to the general election in South Korea this April, both the ruling and opposition parties are vying for voters with promises of crypto-friendly policies. These pledges could have a significant impact on the global cryptocurrency market.
According to local sources, the incumbent People Power Party has committed to investigating the feasibility and use of spot Bitcoin ETFs. They plan to establish a Digital Asset Advancement Committee to recommend legislation and enforcement measures. Additionally, they have expressed a desire to prioritize establishing a regulatory structure over imposing taxes.
The opposition party, the Democratic Party, has also shown support for enabling investments in spot Bitcoin ETFs, aligning with the crypto-friendly stance of the ruling party.
Furthermore, the People Power Party has proposed deferring taxes on cryptocurrency gains until a future date. This plan was initially set for 2023 but may now be pushed back even further, potentially until 2027.
Regardless of which party is elected, the crypto industry is expected to continue growing in South Korea. However, the government’s policies could play a crucial role in reinforcing this growth.
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