South Korea Advances Crypto Market with New Laws
South Korea’s People Power Party has unveiled seven key law changes to boost the country’s virtual asset ecosystem. A standout move is the plan to introduce spot Bitcoin ETFs this year.
According to Edaily, digital asset spot ETF trading will be allowed soon. This means investors can now buy funds linked to major cryptos like Bitcoin and Ethereum. Representative Park Soo-min believes it’s time for South Korea to catch up with countries like the U.S., Hong Kong, and the U.K., which have already embraced crypto-backed ETFs.
The ruling party aims to accelerate the crypto industry with these changes. From the second quarter, over 3,500 corporations and institutions will be able to trade digital assets freely. This includes 2,500 large listed companies and 1,000 investment firms.
Another critically important change is the end of the “One Crypto Exchange, One Bank” policy.This restrictive rule limited crypto exchanges to partnering with only one bank. The government now realizes this hindered growth.
The party also plans a token securities STO bill, including stablecoin regulations and a new crypto taxation system.”We won’t let outdated rules stop the growth of virtual assets,” said Rep. Park.
A special committee will be formed to oversee these changes. Recent data shows young and wealthy South Korean investors are increasingly favoring crypto over conventional assets like gold or property.
