South Korea’s Ruling Party Vows to Approve Spot Crypto ETFs, Scrap Key Banking Rule
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In brief South Korea’s People Power Party has pledged to approve spot crypto ETFs and scrap South Korea’s “one exchange, one bank” rule if they win. The party’s crypto agenda includes corporate crypto trading, stablecoin regulation, and a new Virtual Asset Special Committee this year. The election outcome could decide the fate of reforms, with opposition leader Lee Jae-myung leading in the polls ahead of the June 3 vote. South Korea’s People Power Party has vowed to approve spot crypto ETFs, dismantle a major banking restriction, and overhaul digital asset laws before the end of the year, local media reported Monday. The party revealed its digital asset pledge just weeks after the country’s impeached president, Yoon Suk Yeol, was removed from office for illegally imposing martial law, a political shock that has formed the basis for a fiercely contested snap election on June 3. The PPP’s proposals include abolishing the “one exchange, one bank” rule, which restricts crypto exchanges to a single banking partner —a regulation blamed for entrenching monopolies and limiting consumer choice. “It is very restrictive not to be able to trade virtual assets through the bank of your choice,” Rep. Park Soo-min said on Monday during the emergency response committee meeting held at the National Assembly. The PPP has also pledged to legalize spot crypto ETFs within the year. Park stressed the urgency of approval, pointing to the U.S. Securities and Exchange Commission’s (SEC) decision to greenlight spot Bitcoin ETFs last January. In addition, the party said in its agenda that it would also institutionalize corporate and institutional investor participation in the crypto market within this year. If PPP wins, starting in Q2, non-profits can engage in crypto trading, with broader participation from around 3,500 corporations and investment firms. ‘Golden standard’ During the committee meeting, Rep. Choi…
