South Korea could follow Hong Kong with legalization of funds exchanged by the Bitcoin (ETF) exchange, as the leading presidential candidates have declared pro-crypto positions.
However, some observers in the industry remain careful about the possibility of close regulation change.
“All three major candidates to the South Korean president support the #Bitcoin ETFS and institutional investment,” Ki Young Ju, the founder and CEO of the Onchain Data Platform Cryptoquant, write In a post of May 14th x.
Currently, Bitcoin ETFs and institutional crypto investments have been banned in South Korea, which means “100% (of) volume comes from retail,” Ju added.
Related: Bitcoin more of a ‘diversifier’ than safe possession: Report
On May 6, South Korea’s democratic Party leader Lee Jae-Myung pledged to legalize crypto areas, lower transaction fees and “create a safe investment environment so that young people can (develop) properties and plans for the future, According to In a report from Korean Economic Daily (KED).
The Democratic Party has made similar promises to the –2024 election campaign, including the legalization of Spot crypto etfBut the development was delayed, Ked reported.
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Candidates are back to ETFs, but the historical doubt
While crypto-friendly views of top candidates suggest a promising future for digital asset law in South Korea, regulatory experts remain skeptical.
“The pro-crypto of the candidates promises to pushed to legalize the Bitcoin ETF areas and reduce the signal of the fees of a potential transfer. But the history optimization of the history,” said Anndy Lian, author and intergovernmental blockchain advisor, Cointelegraph said, adding: Adding: Adding: Adding: Adding: Adding: Adding: Adding: Adding: Adding: Adding:
“They will perform similar positions like Hong Kong. If ETFs can be performed or not dependent on a variety of other factors.”
“A pro-crypto president can drive reform, which is aligned with South Korea with global trends such as the US, where bitcoin ETFs attract billions of net inflows,” said Lian, adding that the financial service tone also suggested “regulation of openness” for cryptocurrencies.
However, the People Power Party, elected in 2022, also promised to lift the Crypto ETF ban and change the controversial one-exchange-one-bank rule, “but failed to act before President Yoon’s impeachment,” Lian said.
In Hong Kong, the first batch of Bitcoin and ether-based etf Launched for trading on April 30, 2024, but saw frustrating trading activity Compared to their counterparts in the US, cointelegraph reported.
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