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Legalization of spot bitcoin ETFs to gain steam

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Discussions on the launch of spot bitcoin exchange-traded funds (ETFs) are poised to take center stage, propelled by the resounding victory of the main opposition Democratic Party of Korea (DPK) in the April 10 general elections.The main opposition ran on a platform that the issuance, listing and trading of spot bitcoin ETFs would be allowed.Underpinning the optimism is the recent approval by the Hong Kong Securities and Futures Commission for the launch of spot bitcoin and ether on April 15 (local time).The development in Hong Kong follows the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10 (local time).Many Korean investors are anticipating Korea’s Financial Services Commission (FSC) to join in the global craze in the hundreds of billions of dollars in investments this year.However, the FSC has yet to take steps to revise the Capital Markets Act whereby digital coins do not fall within the definition of “underlying assets,” and therefore are not recognized as valid asset classes.The DPK maintains that the major financial issue of the party platform will sail to victory, powered by the opposition-majority National Assembly.The National Policy Committee — the standing committee governing the country’s financial regulations — can in theory bypass the law revision, pending changes in the FSC’s interpretation of underlying assets.

According to the National Election Commission (NEC), the DPK won 175 seats out of a total 300, while the ruling People Power Party (PPP) obtained 108.Rep. Kim Han-kyu of the DPK, a prominent advocate for the legalization of virtual assets and a member of the National Policy Committee, secured a second term.The main opposition party plans to ask the FSC to approve the spot bitcoin ETFs upon the formation of the standing committees of the 22nd National Assembly.In case the financial regulator does not budge, the DPK will then shift its efforts to revising the Capital Markets Act.Months of deliberation are expected before the details are finalized, including the composition of standing committees, proposals for amendments and subcommittee discussions, all preceding the plenary session voting.The likelihood of the FSC opposing the move remains slim, given the significance of the DPK’s landslide victory.Also factored in are concerns about financial isolationism whereby Korea — a financial laggard — risking falling further behind its advanced peers such as the U.S., Hong Kong, and Australia, all of which approved spot bitcoin ETFs.Industry insiders suggest that financial authorities are highly likely to yield to the will of the public, as illustrated clearly by the election results.“Authorities are expected to succumb to the mounting demands,” an industry insider said. rypto investments are common among lawmakers. According to the NEC, a total of 24 lawmakers collectively held 335.7 million won in digital coins. Among them, seven lawmakers had holdings exceeding 10 million won in virtual assets.They held the assets under their own names, as well as those of their spouses or children. Of the total, 11 lawmakers were affiliated with the DPK, while seven belonged to 스포츠토토존 the PPP.

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