South Korean Political Parties Spotlight Crypto in Election Campaigns
In the lead-up to South Korea's national elections, both ruling and opposition parties are proposing crypto-related initiatives, signaling cryptocurrency's growing influence in political agendas.
February 20, 2024
Election Promises Focused on Crypto
As South Korea prepares for its national elections on April 10, the country's main political forces are incorporating cryptocurrency initiatives into their campaign platforms. The ruling People Power Party plans to explore the possibility of establishing spot bitcoin exchange-traded funds (ETFs) and aspires to form a 'digital asset promotion committee' to assist in proposing new cryptocurrency legislation.
Regulatory Framework Precedes Taxation
In addition, the People Power Party aims to postpone the taxation of crypto gains, originally set for January 2025, by focusing first on a robust regulatory framework. This could mean a further delay in these taxes, potentially pushing the initiation date to as late as 2027.
The Opposition's Take on Crypto
Conversely, the Democratic Party also expressed a willingness to allow investors access to spot bitcoin ETFs, sparking a competitive atmosphere regarding crypto policies. Their comprehensive strategy for the crypto sector's institutionalization and growth is anticipated to be unveiled soon, showcasing the industry's emergence as a significant electoral issue.
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