South Korea’s Governing Party Promises Crypto asset ETF Endorsement By Year’s Conclusion

The People Power Party (PPP), which governs South Korea, has announced an extensive package of reforms concerning cryptocurrencies, featuring the endorsement of spot cryptocurrency exchange-traded funds (ETFs) and a redesign of the country’s digital asset regulations.

This disclosure was made during a meeting of the emergency response committee on Monday, April 28, 2025. This occurs amidst increased political unrest following the recent impeachment and ousting of President Yoon Suk Yeol due to his unlawful declaration of martial law.

The consequences have paved the way for an early presidential election slated for June 3, with cryptocurrency policies becoming a significant topic in the campaign.

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Ruling Party Commits To Legalizing Spot Crypto ETFs

A key aspect of the PPP’s commitment involves the legalization of spot crypto ETFs—a strategy intended to align South Korea with global financial standards.

In reference to the U.S. Securities and Trading protocol Commission’s approval of spot Bitcoin ETFs in January, lawmaker Park Soo-min highlighted the critical need to stay aligned with international regulatory changes.

In addition to promoting ETFs, the party has vowed to eliminate the “one trading protocol, one bank” policy, which currently restricts crypto asset exchanges to a single banking partner.

Detractors claim this rule has hindered competition and hindered consumer options in the rapidly expanding digital asset market. “It is very limiting not to be able to trade virtual assets via the bank of your preference,” Park stated in the National Assembly session.

Additional initiatives include widening access to crypto markets for institutional investors. If the PPP maintains its leadership, the agenda would permit nonprofits to engage in digital asset trading starting in the second quarter.

South Korea’s People Power Party pledges to eliminate the ‘one trading network, one bank’ policy and authorize BTC spot ETFs in 2025 if it secures victory in the June 3 elections, as reported by local announcement. pic.twitter.com/7zYwgFP4eR

— Coin Bureau (@coinbureau) April 29, 2025

To foster transparency and confidence within the market, the PPP has also suggested the formation of a Virtual Asset Special Committee within the presidential office.

This committee would supervise the rollout of a new regulatory framework, which will encompass the Framework Act on the Promotion of Digital Assets. The initiative would introduce more defined regulations regarding trading protocol operations, asset listings, and transaction disclosures.

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PPP To Establish Regulatory Framework For Stablecoins

Representative Choi Bo-yoon remarked that the PPP intends to implement a regulatory regime for stablecoins that aligns with international benchmarks, thereby improving transparency and safeguarding investors.

The party’s strategy resonates with recent deregulatory movements in the United States, where former President Donald Trump endorsed the reversal of DeFi broker regulations and the integration of crypto into national financial policies.

PPP presidential hopeful Hong Joon-pyo has adopted a comparable viewpoint, promising to lessen regulatory hurdles and expand the adoption of distributed ledger technology in public services.

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