South Korea is taking steps to improve its cryptocurrency market, including the launch of a Bitcoin spot ETF in 2023.
Announcement of Bitcoin Spot ETF
The People Power Party of South Korea confirmed plans to launch a Bitcoin spot ETF this year. According to local media reports, traders will be able to invest in exchange-traded funds linked to major cryptocurrencies such as Bitcoin and Ethereum.
Changes in Cryptocurrency Regulation
As part of a series of regulatory reforms, South Korea intends to abolish the 'One Crypto Exchange, One Bank' policy, which had limited cryptocurrency exchanges in their partnership possibilities. This decision aims to enhance business opportunities and avoid restrictions hindering market growth.
Future of Virtual Assets Development
The People Power Party intends to create a special committee on virtual assets to facilitate further institutional development of cryptocurrencies. Studies show that over 30% of wealthy Koreans prefer cryptocurrency for long-term investments, highlighting the growing interest in this market segment.
The planned regulatory changes in the crypto landscape could significantly impact the virtual assets market in South Korea and attract new investments.
