- PP promises to approve the punctual cryptographic ETFs in 2024.
- Plans to remove the “One Exchange, One Bank” rule.
- The new regulation of cryptography depends on the electoral result of June.
The Power Party Power Power (PPP) in South Korea has unveiled a progressive digital asset program in preparation for the Snap Pivot election on June 3. The party has promised to legalize the ETF of Crypto Spot and to remove the inhibitive rule of “One Exchange, One Bank” as part of the efforts aimed at introducing the country's cryptocurrency industry into modernity.
A roadmap towards cryptographic user -friendly regulations
The current banking rule limits each exchange of crypto to a partnership with a single bank, a policy that the PPP criticizes to limit competition and consumer freedom. “It is very restrictive not to be able to exchange virtual assets through the bank of your choice,” said representative Park Soo-Min at a meeting of the National Assembly.
In response to international developments, such as the United States's SEC authorization on FNB Bitcoin Spot at the beginning of 2024, the PPP also undertook to approve “similar products” by the end of the year. These ETFs would allow investors to have direct access to the cryptocurrency markets and to expand their access to the market, and to offer investment flexibility.
Beyond the legalization of ETFs and banking reform, the PPP also plans to allow the participation of businesses and institutional in cryptographic trading. It is estimated that 3,500 non -profit organizations and organizations could enter the market from the second quarter of 2025. To support this, a Virtual active A special committee would be created under the presidential office to supervise regulatory efforts.
The party also plans to implement an international standard for Stable regulations And adopt a law on the framework on the promotion of digital assets for the regulation of commercial and registration procedures.
However, the realization of these reforms depends on the outcome of the election, where the head of the opposition Lee Jae-Myung is currently leading but remains a non-committee on cryptographic policies.
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