South Korea's Ruling Party Vows to Approve Spot Crypto ETFs, Scrap 'One Exchange, One Bank' Rule by June 3 Election

South Korea's ruling People Power Party has pledged to approve spot cryptocurrency exchange-traded funds (ETFs) and scrap the country's 'one exchange, one bank' rule ahead of the upcoming June 3 election. The party aims to implement these reforms by the end of the year if they win the election.

The proposed changes include legalizing spot crypto ETFs, allowing corporate and institutional investor participation in the crypto market, with around 3,500 corporations and investment firms expected to engage starting in Q2. The party also plans to introduce a 'global standard' regulatory system for stablecoins and establish a Virtual Asset Special Committee to oversee these initiatives. Additionally, the Framework Act on the Promotion of Digital Assets would be enacted to subdivide exchange operations, create listing regulations, and introduce a disclosure system for digital asset transactions.

The election outcome is crucial as it will determine the fate of these crypto reforms. The opposition leader, Lee Jae-myung, currently leads in the polls, which could impact the implementation of the People Power Party's agenda. This comes after the impeachment of President Yoon Suk Yeol for illegally imposing martial law, leading to a snap election. PPP presidential candidate Hong Joon-pyo has vowed to eliminate regulations and expand blockchain applications across South Korean public services.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.