Crypto Clash: South Korea's Legislative Election Becomes Battleground for Digital Currency Policies

In South Korea's legislative elections on April 10, 2024, the crypto policies of the major parties are emerging as potential deciding factors. With over 280,000 crypto investors in the nation and a growing interest in the crypto market, both the conservative People Power Party (PPP) and the liberal Democratic Party of Korea (DPK) are making promises related to crypto regulation and taxation. The PPP has pledged to prioritise a regulatory framework before implementing taxes on crypto gains, while the DPK aims to maintain the start of crypto taxation in 2025 but with a different tax threshold. Additionally, both parties have expressed interest in allowing investors to purchase spot bitcoin exchange-traded funds (ETFs). The outcome of this election could have significant implications for the direction of crypto policy in South Korea.