Political Campaigns in South Korea Offer Crypto Perks, Target Bitcoin ETF Access
Political campaigns in South Korea are leveraging the country’s prominent crypto market to attract voters ahead of the parliamentary election.
Both major political parties, President Yoon Suk Yeol’s People Power Party and the opposition Democratic Party, have included crypto-related promises in their campaign platforms.
The People Power Party has pledged to delay the implementation of a digital-asset tax, recognizing the importance of the crypto industry to voters.
On the other hand, the Democratic Party has focused on lifting restrictions on exchange-traded funds (ETFs), including those holding US Bitcoin products.
Hwanseok Choi, a policy specialist from the Democratic Party, stated that their manifesto supports the inclusion of both domestic and overseas ETFs, per a Bloomberg report.
The move to allow ETFs investing directly in Bitcoin gained traction after the US approved such products in January.
These Bitcoin ETFs have already accumulated around $57 billion in assets.
However, South Korea’s securities regulator expressed concerns that brokering these products locally might violate the law, creating confusion and impacting the market.
The People Power Party’s manifesto does not directly address this controversy, but it promises to postpone planned taxes on crypto gains beyond the scheduled timeframe of 2025.
South Koreans have actively participated in the recent crypto bull market, and the country is known for its enthusiasm for various cryptocurrencies beyond Bitcoin.
Upbit, the largest domestic crypto exchange, consistently ranks among the top global platforms in terms of trading volume.
Last month, South Koreans invested over $200 million in the shares of MicroStrategy Inc., a US-listed company
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