Another Bitcoin and Cryptocurrency Promise from South Korea

South Korea’s opposition Democratic Party is reportedly taking the initiative to allow local citizens to invest in spot Bitcoin ETFs. According to local news on Tuesday, the move will also allow financial institutions to launch their own spot BTC ETFs.

The party is committed to allowing investors to purchase spot BTC ETFs through individual savings accounts (ISAs). An ISA is an all-in-one account for a variety of investments in funds or share-linked securities. It also offers tax exemption on financial profits of up to two million Korean won ($1,497).

With this announcement, it has been reported that both the ruling and opposition political parties have taken it upon themselves to open spot Bitcoin ETF investments and product launches in South Korea. This became one of his main promises ahead of the general election on 10 April.

Last month, the country’s financial regulator reiterated its ban restricting financial institutions from launching any cryptocurrency ETFs. While domestic investors are currently restricted from investing in spot crypto ETFs, foreign crypto futures products continue to be available.

A member of the Democratic Party reportedly said that he could take legal measures to revise existing financial regulations to accommodate spot BTC ETFs if the country’s financial authorities decide to oppose the authorization of the products.

Other election promises by the opposition party overshadowed those prepared by the ruling party, as reported a day earlier. These include lifting the ban on institutions investing directly in crypto and increasing the planned tax threshold for crypto earnings from 2.5 million won to 50 million won.

*This is not investment advice.