South Korean opposition party backs Bitcoin spot exchanges: reports.

Ritu77

According to local news media on Tuesday, South Korea's opposition party, the Democratic Party, is pushing for allowing local citizens to invest in Bitcoin spot exchange-traded funds (ETFs) and permitting financial institutions to launch Bitcoin spot ETFs. The party pledged to allow investors to purchase Bitcoin ETFs through individual savings accounts (ISAs). An ISA is an integrated account used for various investments in funds or securities linked to stocks, and it also provides tax-free services for financial profits of up to 2 million Korean won (approximately $1,497). With this news, it is reported that both the ruling party and the opposition are now beginning to open up Bitcoin ETF investments and product releases in South Korea ahead of the April 10 election as one of their main promises. Last month, the country's financial regulatory agency reiterated a ban on financial institutions launching any type of cryptocurrency ETFs. Local investors are currently restricted from investing in spot cryptocurrency exchange-traded funds, while foreign cryptocurrency futures products remain available. According to the Seoul Economic Daily, a member of the Democratic Party stated that if the country's financial authorities decide to oppose the authorization of Bitcoin ETFs, the Democratic Party may take legislative measures to amend existing financial regulations to accommodate these products. As reported the day before, other election promises of the opposition party overshadowed the prepared promises of the ruling party, including lifting the ban on institutional direct investment in cryptocurrencies and raising the threshold for scheduled taxation of cryptocurrency profits from 2.5 million Korean won to 50 million Korean won. It is reported that the Democratic Party will announce its comprehensive proposal for institutionalizing and revitalizing the digital asset industry on Wednesday. Disclaimer: The Block is an independent media outlet providing news, research, and data. As of November 2023, Foresight Ventures is the majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency field. The cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently, providing objective, influential, and timely information about the cryptocurrency industry. Below is our current financial disclosure. ©2023 The Block. All rights reserved. This article is for informational purposes only. It does not provide or intend to be used as legal, tax, investment, financial, or other advice.

Kabir903

Bitcoin trading is also increasingly valued.

Jafar224

It is advised not to keep recycling everything, as this will only become very foolish.