South Korea’s ruling party considers lifting the ban on Bitcoin spot ETFs, allowing IEOs, and delaying the collection of crypto income taxes

After the U.S. Securities and Exchange Commission (SEC) approved multiple Bitcoin spot ETFs, South Korea’s Financial Services Commission (FSC) announced on January 13 that it would ban domestic securities companies from acting as overseas agents. Listed Bitcoin spot ETF. This move caused major Korean securities firms such as Samsung Securities to stop selling Bitcoin spot ETFs. Although the United States is a leader in cryptocurrency investment, South Korea has adopted strict regulatory measures on Bitcoin spot ETFs, triggering market attention and discussion.

South Korea’s ruling party is considering lifting the ban on Bitcoin spot ETFs

According to a report by South Korean media “News1” yesterday, South Korea’s ruling National Power Party seems to be considering adjusting its election platform to attract supporters of cryptocurrency. voter. The latest plan includes allowing cryptocurrency products approved by developed countries such as the United States to enter the Korean market, which may include Bitcoin spot ETFs.

In addition, the National Power Party also plans to include a number of programs to promote the development of the virtual asset industry in its upcoming election promises, including:

• Establishing digital assets Promotion Committee, the functions of this body are similar to the role of the Securities and Futures Commission under the Financial Services Commission. Its responsibilities include proposing legal advice on the regulation of virtual assets and enforcing related behaviors.

• Allow entities such as financial institutions and enterprises for the purpose of asset management to invest in virtual assets

• Lift South Korea’s restrictions on Initial Exchange Offerings (IEOs) The ban

• Complete legislation related to token securities within the year

• Resolve policy differences related to virtual assets

• Introducing virtual asset trusts

The National Power Party plans to postpone the cryptocurrency profits tax

In addition, according to the Korean media "Herald Business Daily", the National Power Party The party also plans to further delay the cryptocurrency profits tax, originally scheduled to take effect on January 1, 2023, by two years to January 2025 during the upcoming term, and may even promise to take effect in 2027.

At the same time, the National Power Party also plans to formulate a new set of regulations for the cryptocurrency industry during its term of office to facilitate the establishment of a basic regulatory framework for the encryption industry before tax.

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