South Korea’s ruling People Power Party has “postponed indefinitely” plans to commit to easing crypto restrictions, including lifting a ban on spot Bitcoin exchange-traded funds (ETFs) , according to a local report citing informed sources. the question.
Earlier this month, the ruling party would have prepared campaign promises aimed at pushing back the taxation of crypto gains and allowing local institutions to launch spot bitcoin ETFs and invest directly in cryptocurrencies.
The party’s change in stance to withdraw commitments could be due to difficulties in coordinating with the government and financial authorities on crypto policies, according to local media outlet Chosun Biz. reported Wednesday.
In January, the country the financial regulator reiterated its ban prohibiting financial institutions from launching any type of cryptocurrency ETF. Local investors are currently unable to invest in spot crypto ETFs, while foreign crypto futures products remain available.
Meanwhile, the opposition Democratic Party, which had also promised similar commitments regarding crypto ETFs, officially announced its crypto campaign promises last week. South Korea’s next general election is scheduled to take place on April 10.
The Bloc has contacted the People Power Party for comment.
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