Today, South Korea‘s main right-wing presidential candidate Kim Moon-soo said he would support the adoption of exchange-traded crypto spot funds.
With the initiative, Kim of the People’s Power Party wants to promote wealth accumulation among the middle class, according to South Korea’s National Election Commission.
Kim also promised to reform the local cryptocurrency market to create a fair and transparent environment by creating additional legal frameworks.
South Korea’s top financial regulator, the Financial Services Commission, currently does not permit the issuance or trading of spot cryptocurrencies. ETF, not finding any legal basis for this Bitcoin or other cryptocurrencies acted as underlying assets for such products.
Interestingly, last week, leftist Democratic Party of Korea candidate Lee Jae-myung also promised to introduce spot crypto-ETF in the country, providing more opportunities for South Korea’s younger generation.
Together, the People’s Power Party and the Democratic Party of Korea hold 277 of the 300 seats in South Korea’s unicameral legislature.
According to a recent poll by Flower Research, the Democratic Party’s Lee has an approval rating of 54%, while right-wing candidate Kim has 20,6%.
