South Korea’s ruling People Power Party has “indefinitely postponed” its promised easing of cryptocurrency restrictions, including lifting a ban on local spot Bitcoin ETFs, according to people familiar with the matter.
Earlier this month, it was reported that the ruling party was preparing campaign promises aimed at deferring taxes on crypto earnings and allowing local institutions to launch spot Bitcoin ETFs and invest directly in cryptocurrencies.
Local news outlet Chosun Biz reported on Wednesday that the party changed its stance and retracted its pledge, possibly due to difficulties in coordinating cryptocurrency policy with government and financial authorities. (The Block)