Ahead of South Korea’s general election in April, both the ruling and opposition parties are trying to woo voters with pro-cryptocurrency policies.
South Korea, known for its large cryptocurrency trading scene, may see these election promises have a positive impact on the global cryptocurrency market.
According to local sources, the ruling People’s Power Party has pledged to explore the feasibility of a spot Bitcoin ETF. The party has announced plans to set up a digital asset promotion committee to recommend legislation and enforcement measures, and said it wants to prioritize the establishment of a regulatory framework rather than taxation.
The plan also includes a proposal to postpone taxation on cryptocurrency profits. The initial plan to tax digital asset income, including profits from the sale or lending of such assets, had been postponed from 2023 to 2025. However, the party’s latest campaign promises suggest a longer delay, possibly until 2027.
Other local sources also said that the main opposition Democratic Party has also expressed support for investing in a spot Bitcoin ETF, which is consistent with the ruling party's stance in support of the cryptocurrency market.
These proposals suggest that South Korea’s crypto industry is likely to receive active government support and more favorable policies regardless of which party is elected. #韩国 #加密货币政策