Democratic Party of Korea plans to urge the Financial Services Commission (FSC) to reconsider its stance on spot Bitcoin exchange-traded funds (ETFs).

Spot ETFs with virtual assets were promised during the party's campaign. Following the opening of the National Assembly in June, the party intends to make this request. With the opposition party securing a majority in South Korea's April elections, holding 175 out of 300 legislative seats, their influence is significant.

The FSC declared on Jan. 12 that local securities firms might breach the Capital Markets Act by listing foreign spot BTC ETFs, despite the United States Securities and Exchange Commission approving spot BTC ETF trading on Jan. 10.

The previous presidential administration urged the FSC to reconsider its decision on Jan. 18, as virtual assets are not defined as underlying assets in the Capital Markets Act. However, amending this act requires multiple steps and could take months. Discussions on the 2020 Virtual Asset Business Rights Act's second stage will commence in the latter half of the year.

Despite the modest performance, Hong Kong initiated trading in spot BTC and Ether ETFs on April 30, potentially inspiring a similar market in South Korea. Since the passage of the 2020 act, South Korean regulators have been enhancing their oversight of the crypto market, implementing stricter penalties for crypto-related offenses, and issuing new guidelines for cryptocurrency exchanges.

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