South Korea's Political Parties Unite on Crypto Innovation Ahead of Elections

Both ruling and opposition parties pledge support for spot bitcoin ETFs and enhanced regulations, marking a significant shift in the country's approach to cryptocurrency.

• South Korea's ruling People Power Party and the opposition Democratic Party have both pledged to support the introduction of spot bitcoin ETFs.
• The People Power Party proposes a two-year delay on crypto taxation to refine regulatory frameworks, emphasizing a focus on regulation before taxation.
• The Democratic Party plans to allow investors to purchase spot bitcoin ETFs through individual savings accounts, offering tax exemptions on financial profits.
• Both parties aim to foster growth in the crypto sector, with proposals including the establishment of a Digital Asset Promotion Committee and the lifting of bans on institutions investing directly in crypto.
• The bipartisan support for crypto innovation reflects a significant shift in South Korea's approach to cryptocurrency, potentially positioning the country at the forefront of the digital asset revolution.

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