PP vows to approve spot crypto ETFs in 2024.
Plans to scrap the “one exchange, one bank” rule.
New crypto regulations hinge on the June election outcome.
South Korea’s governing People Power Party (PPP) has unveiled a progressive digital asset agenda in preparation for the pivotal June 3 snap election. The party promised to legalise spot crypto ETFs and scrap the inhibitive “one exchange, one bank” rule as part of efforts to bring the country’s cryptocurrency industry into modernity.
A Roadmap Toward Crypto-Friendly Regulations
The current banking rule limits each crypto exchange to partnering with only one bank, a policy the PPP criticises for limiting competition and consumer freedom. “It is very restrictive not to be able to trade virtual assets through the bank of your choice,” said Rep. Park Soo-min during a National Assembly meeting.
In response to international developments, such as the U.S. SEC’s clearance of spot Bitcoin ETFs in early 2024, th
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