South Korea's ruling People Power Party has proposed seven initiatives to boost the country's cryptocurrency ecosystem. These measures aim to foster innovation, increase investor confidence and position South Korea as a leader in digital finance. Key proposals include :
- Abolishing the "One Exchange, One Bank" Rule: This rule currently limits cryptocurrency exchanges to partnering with a single bank for real-name verification. Abolishing it will allow exchanges to collaborate with multiple banks, promoting flexibility and competitiveness.
- Spot Cryptocurrency ETF Trading: The party plans to approve spot crypto ETFs within 2025, following the US and UK's lead. This move is expected to open up new opportunities for the South Korean financial market.
- Institutional and Corporate Trading: Non-profit organizations and institutional investors will gain access to the crypto market, starting with charities and universities in Q2, and around 3,500 institutions by the end of 2025.
- Regulatory Framework for Stablecoins and Security Tokens: The party proposes introducing a regulatory framework aligned with global standards to enhance transparency and investor protection.
- Basic Act on the Promotion of Digital Assets: A new bill will be proposed to support innovation in the sector and potentially attract international investors.
- Dedicated Cryptocurrency Committee: A special committee will be established under the party's presidential candidate to oversee policy reform, promote industry innovation and rebuild investor trust.
- Tax Relief: A new tax framework tailored to small investors is also being considered, aiming to simplify and support the growing crypto community.
These initiatives come ahead of the presidential election on June 3, with crypto policy emerging as a key campaign issue. The People Power Party's proposals aim to solidify South Korea's position as a crypto hub in Asia .
#Write2Earn #AITokensBounce #BinanceAlphaAlert $BTC