South Korea’s ruling party targets crypto deregulation in its new agenda
The PPP aims to overhaul digital asset laws, allowing non-profits to trade crypto and institutionalising corporate participation by Q2 of this year.
South Korea’s People Power Party (PPP) has pledged to approve spot crypto ETFs and remove the ‘one exchange, one bank’ rule before the end of the year.
These moves are aimed at increasing competition and offering consumers more choice in the crypto market.
Additionally, the PPP plans to institutionalise corporate and institutional investor participation in crypto and legalise spot crypto ETFs. Nonprofits will also be allowed to trade crypto starting from Q2.
The PPP’s reforms also include a ‘global standard’ regulatory framework for stablecoins and the creation of a Virtual Asset Special Committee under the presidential office.
The shift mirrors global trends towards crypto deregulation, drawing comparisons with the US’s Trump-era policies.
PPP’s proposals depend on the results of South Korea’s upcoming election on 3 June. The Democratic Party’s candidate, Lee Jae-myung, has a strong lead in the polls, which could affect the implementation of these reforms.
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