The Block Crypto News26 minutes ago

Published on May 07, 2024 09:41 GMT+00:00edited on May 07, 2024 09:44 GMT+00:00

South Korea’s left-wing Democratic Party plans to request financial regulators to review the currently banned spot bitcoin exchange-traded funds, according to a South Korean news report. This signifies the party’s next step in its initiative to make spot bitcoin funds locally accessible. 

The opposing Democratic Party scored a major win in April’s general election, winning 175 seats out of 300 in the local legislative body, while the ruling conservative party won 108. It had pledged to enable local financial institutions to launch spot crypto ETFs and allow retail investors to purchase those funds through accounts with tax exemptions.

Once South Korea’s 22nd National Assembly commences in June, the Democratic Party plans to request the Financial Services Commission, the country’s …