Democratic Party’s Election Victory Sparks Cryptocurrency Market Surge and Regulatory Optimism

The Democratic Party of Korea’s landslide victory in the 22nd general election has stirred up the cryptocurrency market. Promising to allow Bitcoin spot exchange-traded funds (ETFs), contrary to current financial regulations, the party’s win has fueled optimism in the virtual asset market. This move is expected to accelerate cryptocurrency deregulation, aiming to institutionalize virtual assets and stabilize wealth. Despite the absence of a specific pledge from the BNP regarding Bitcoin spot ETFs, they aim to institutionalize virtual assets through the enactment of the ‘Basic Act on Virtual Assets’. Financial authorities are also open to discussions, with plans for public debates on virtual asset legislation in the second half of the year. Moreover, speculation mounts as Hong Kong considers approving a Bitcoin spot ETF, potentially attracting significant investment from Chinese investors amid China’s strict regulations on virtual assets. Globally, there’s anticipation for active discussions on virtual asset issues in the 22nd National Assembly, including the approval of a Bitcoin spot ETF.

Read More : Bithumb Korea Delays Management Split to Prioritize Compliance with New Regulations