South Korea's People Power Party (PPP) has outlined ambitious reforms for the cryptocurrency sector, pledging to approve spot crypto ETFs and eliminate the 'one exchange, one bank' rule before the upcoming June election. This rule currently limits crypto exchanges to cooperation with a single banking partner, stifling competition and consumer choice. The proposed changes come after the impeachment of former president Yoon Suk Yeol, sparking a politically charged atmosphere ahead of the election. The PPP emphasizes the need for these reforms, citing the recent favorable regulatory developments in the U.S. for Bitcoin ETFs. Additionally, they plan to facilitate corporate involvement in the crypto market, allowing non-profits and companies broader access for trading. The PPP also aims to establish a Virtual Asset Special Committee to oversee and implement its proposed digital asset agenda, spearheaded by a new Framework Act. The election outcome is crucial, as the opposition leader currently leads in polls, which could affect the PPP's ability to enact these promised reforms.

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