South Korean Leadership Pushes for Bitcoin ETFs Amid Regulatory Debate

The Democratic Party of Korea, now in power, intends to push for the introduction of Bitcoin exchange-traded funds (ETFs) in South Korea, fulfilling a campaign promise. Despite the Financial Services Commission's previous stance against listing foreign spot BTC ETFs, the party plans to request a reconsideration after the National Assembly reopens in June. This move follows Hong Kong's recent introduction of spot BTC and Ether ETFs, sparking hopes for a similar market in South Korea. However, the process to amend the Capital Markets Act, necessary for this change, could be lengthy. Nevertheless, discussions are expected to commence later in the year regarding the second stage of the 2020 Virtual Asset Business Rights Act.