South Korea's opposition Democratic Party is planning to ask financial regulators to review currently banned bitcoin spot ETFs. This represents the Party's next step in its initiative to make spot bitcoin ETFs locally accessible.

The opposition Democratic Party won a big victory in April's general election, winning 175 seats out of 300 in local legislatures, while the ruling conservative party won 108 seats. While campaigning, the party pledged to allow local financial institutions to launch spot Crypto ETFs and allow retail investors to purchase those coins through tax-exempt accounts. .

According to a report by BloomingBit citing a party member, when South Korea's 22nd National Assembly begins in June, the Democratic Party plans to ask the Financial Services Commission (FSC), the financial watchdog, to The country's leading government, revisiting spot bitcoin ETFs with the aim of opening such products locally.

The FSC does not currently permit the issuance or trading of spot bitcoin ETFs after concluding that there is no legal basis to suggest that bitcoin or other cryptocurrencies can serve as an underlying asset for that product.

The report said the Democrats are also considering the option of amending existing financial regulations in case the FSC remains reluctant to give the green light to bitcoin ETFs.

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