South Korea's opposition Democratic Party is pushing to allow local residents to invest in spot Bitcoin ETFs and allow financial institutions to launch spot Bitcoin ETFs, local news media reported on Tuesday.
According to the Seoul Economic Daily, the party has promised to allow investors to purchase spot Bitcoin ETFs through their personal savings accounts. report. The ISA is an all-in-one account for various investments in funds and stock-related securities, and also offers tax exemption on financial gains of up to 2 million Korean won ($1,497).
In response to this news, both ruling and opposition parties are currently reportedly accepted One of the main promises for the general election on April 10th is to open up spot Bitcoin ETF investment and product sales in South Korea.
Last month, this country Financial regulators reiterated the ban Restrict financial institutions from launching any type of virtual currency ETF. Currently, domestic investors are restricted from investing in spot crypto ETFs, but foreign crypto futures products remain available.
According to a report in the Seoul Economic Newspaper, Democratic Party of Japan lawmakers have proposed legislative measures to amend current financial regulations to accommodate spot bitcoin ETFs if the country's financial authorities decide against approving spot bitcoin ETFs. He said that there is a possibility that he will take measures.
As reported the day before, other election promises by the opposition parties have overshadowed promises prepared by the ruling party, such as lifting the ban on direct investment in virtual currencies by financial institutions and raising thresholds for investing in virtual currencies. Ta. Estimated tax on virtual currency profits From 2.5 million won to 50 million won.
Democrats will reportedly release a full proposal on Wednesday to institutionalize and revitalize the digital asset sector.
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