South Korean Parties Pledge to Support Cryptocurrency Policies in Favor of ETFs and Tax Delays

Ahead of the South Korean elections in April, both the ruling and opposition parties are wooing voters with pro-cryptocurrency policies.

South Korea, known for its massive cryptocurrency trading scene, could see these election promises positively impact the global cryptocurrency market.Bitcoin Miner

According to local sources, the ruling People Power Party has promised to explore the feasibility of a spot Bitcoin ETF. The party has announced plans to set up a Digital Asset Advancement Committee to recommend legislation and enforcement measures, and has said it wants to prioritize a regulatory framework over taxation.Bitmain Miner

The plan also includes a proposal to delay taxing cryptocurrency profits. The initial plan to tax income from digital assets, including profits from the sale or loan of such assets, had been postponed from 2023 to 2025. However, the party’s latest campaign promises suggest a longer delay, possibly until 2027.

Other local sources also said that the main opposition Democratic Party has also expressed support for investing in spot Bitcoin ETFs, which is in line with the ruling party’s stance on supporting the cryptocurrency market.

These proposals suggest that the crypto industry in South Korea is likely to receive active government support and more favorable policies regardless of which party is elected.