According to a report by The Block on April 29, the South Korean conservative party “People Power Party” (PPP) announced seven initiatives to promote the Crypto Assets ecosystem during a parliamentary meeting on Monday, promising to allow Spot Crypto Assets ETF trading within this year and to abolish the “one exchange, one bank” rule that restricts cooperation between Crypto exchanges and banks.
Member Park Soo-min stated that, given the strong interest and significant trading volume in the US Spot Bitcoin ETF, South Korea “cannot delay any longer”. The party also plans to legalize the issuance of security-type tokens (STO), and introduce a regulatory framework for stablecoins in accordance with global standards, while proposing the “Digital Assets Promotion Fundamental Act”.
As these encryption initiatives are introduced, South Korea is preparing to elect a new president on June 3rd. At the same time, the South Korean Financial Services Commission stated in January this year that it would gradually lift restrictions on institutional investors investing in Crypto Assets and is advancing subsequent legislation, focusing on stablecoin regulations, token listings, and information disclosure requirements.
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