South Korea’s Political Party Unveils Crypto Plans Ahead of Election

In South Korea, the People Power Party (PPP) has shared new ideas to support the country’s crypto industry ahead of the upcoming June 3 presidential election.

The party recently revealed seven main plans during a meeting at the National Assembly. These ideas are meant to grow the crypto market and win the support of people who use or invest in digital assets in the country.

South Korea Political Party Pushes for Crypto-Friendly Rules

The People Power Party (PPP) wants to facilitate crypto exchanges’ collaboration with banks and other financial institutions. This is part of their plan to support the crypto industry and attract more investors. 

Currently, a strict rule called the “one exchange, one bank” rule restricts crypto firms in the country. This rule requires each crypto exchange to partner with only one bank for real-name verified accounts. It was initially put in place to stop money laundering and track suspicious transactions. 

However, many believe it limits the growth of the crypto market. The PPP plans to change this rule to allow more exchange banking options.

The party also plans to allow trading of spot crypto exchange-traded funds (ETFs) within this year. These ETFs already exist in the U.S. and have gained huge interest and trading volume. They allow investors to trade crypto assets like Bitcoin (BTC) without directly holding the tokens.

Lawmaker Park Soo-min said South Korea must act fast or risk falling behind. The People Power Party (PPP) and the Democratic Party agreed that South Korea should allow spot crypto ETFs.

PPP Proposes New Crypto Laws Amid Ongoing Effort 

The PPP is also developing new rules to support digital assets. One plan is to legalize security token offerings (STOs), which are digital forms of regular investments like stocks or bonds. The political party is also developing clear rules for stablecoins that match global standards. 

Furthermore, the People Power Party has proposed a new law called the “Digital Asset Promotion Basic Act” to help grow the crypto industry. The party also plans to form a special crypto committee under its presidential candidate. This group will help promote crypto use, support innovation, and improve investor trust.

Meanwhile, South Korea’s financial authorities are already easing crypto restrictions. In January, the Financial Services Commission (FSC) said it would slowly lift the ban that prevents large investors from investing in cryptocurrencies. The agency is also working on establishing a complete regulatory framework for stablecoins, token listings, and how companies must share information.

The PPP’s proposals show that crypto is becoming an important topic in South Korea’s upcoming election. The new rules could help grow the country’s digital economy.