Foreign media: South Korea’s ruling party plans to allow the launch of spot Bitcoin ETFs as one of its campaign measures

South Korea’s ruling People Power Party is studying ways to allow a spot Bitcoin ETF as part of its campaign promise in the upcoming April general election, local media reported on Monday. In addition to spot Bitcoin ETFs, the right-wing party said it would review legislative measures to approve other cryptocurrency-related investment products approved in the United States, News1 reported. Last month, the country’s financial regulator reiterated a ban on financial institutions from launching any type of cryptocurrency ETF. The ruling party also plans to consider gradually lifting the country’s ban on institutional investment in cryptocurrencies and IEOs. When it comes to institutional crypto investing, the party is exploring the possibility of allowing investment institutions to purchase cryptocurrencies before approving banks or insurance companies. This approach takes into account the need for banks and insurance companies to prioritize protecting user funds. At the same time, the party has decided to commit to the establishment of a “Digital Asset Promotion Committee” that will be given sufficient powers to propose laws related to digital assets and impose sanctions. (The Block)