South Korea to allow trading for spot Bitcoin ETF this year
South Korea’s People Power Party announced seven major law changes to improve their virtual asset ecosystem. One of them is a plan to launch spot Bitcoin ETF within this year.
According to a report by local media Edaily, the People’s Power Party announced trading for digital asset spot ETF will be permitted this year. For the first time, traders in the country will be able invest in exchange-traded funds linked to major cryptocurrencies such as Bitcoin Bitcoin
0.09%
Bitcoin and Ethereum Ethereum
1.06%
Ethereum.
Representative Park Soo-min said its about time South Korea allowed for crypto-backed ETFs in the market, considering other countries like the U.S., Hong Kong, and the U.K. have already taken the lead.
“Hong Kong and the U.K. have also approved spot ETF trading in succession. Korea has no time to delay,” said Park.
The decision is part of a series of regulatory changes proposed by the ruling party to accelerate the crypto industry in the country. Starting from the second quarter of this year, companies will be able to trade in digital
assets.
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