South Korea Advances Crypto Landscape with Major Law Changes
South Korea’s People Power Party has unveiled seven notable law changes to boost the country’s virtual asset ecosystem. A key highlight is the plan to introduce a spot Bitcoin ETF this year.
According to Edaily, digital asset spot ETF trading will be allowed, enabling investors to buy funds linked to major cryptos like Bitcoin and Ethereum. Representative Park Soo-min emphasized the urgency, citing countries like the U.S., Hong Kong, and the U.K.that have already embraced crypto-backed ETFs.
Starting Q2,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 notable change is the abolition of the “One Crypto Exchange, One Bank” policy.This restrictive rule limited exchanges to partnering with only one bank, hindering growth. The new approach aims to foster more flexible partnerships.
The party also plans a token securities STO bill,covering stablecoin regulations and a new crypto taxation system. “We won’t let outdated rules hinder crypto growth,” said Rep.Park.
A special committee will oversee thes changes, promoting innovation. Hana Bank reports show young and wealthy South Koreans are increasingly favoring crypto investments over traditional assets like gold or property.
