The Block22 minutes ago

Published on February 20, 2024 11:06 GMT+00:00edited on February 20, 2024 11:09 GMT+00:00

South Korea’s opposing Democratic Party is pushing to allow local citizens to invest in spot bitcoin exchange-traded funds and enable financial institutions to launch their spot bitcoin ETFs, local news media reported Tuesday.

The party is pledging to allow investors to purchase spot bitcoin ETFs through their individual savings accounts, according to a Seoul Economy Daily report. An ISA is an all-in-one account for various investments in funds or equity-linked securities, which also offers tax exemptions to financial profits of up to two million Korean won ($1,497).

With the news, both ruling and opposing political parties have now reportedly taken on opening up spot bitcoin ETF investments and product launches in South Korea as one of their main pledges ahead of the general election …